I agree with your realtor. The time to do the inspection is after your offer is accepted and not before. A good inspector will give you the results pretty soon. You could be wasting your money if you do the inspection and the offer is not accepted.
I agree with not letting a lot of people pull your credit. You can get a free credit report yourself from the 3 major reporting agencies, but there is a small charge for the fico score. With this knowledge you can shop lenders, but without a professional who can interpret the Good Faith Estimates, it will still be difficult for you to do this yourself.
btw - just a note: Once you fill out an application, you don't need to request a good faith estimate. By law you have to have one within 3 business days, but I would get one asap for comparison issues.
If you run an analysis of 3 different GFE's (good faith estimates) you'll see that sometimes the lowest interest rate is not really the best deal due to garbage fees. Additionally the GFE has to quote the APR (Annual Percentage Rate) which is supposed to factor in all the fees, BUT everyone has a different method for doing this to make their program look the best.
Find an experienced agent you and let them guide you through this difficult choice. They know the market, they know the good lenders from the bad and since they won't get paid if your loan doesn't close, they will not recommend a lender who waits til just before closing to inform you that they can't do the loan.... more
Andrea, as others have indicated you need to confirm that indeed the Seller's Lender has approved your offer. If this is the case, the Sellers Agent should be in immediate contact with the Lenders Attorney to confirm that the auction date has been postponed. You can not always rely on the Lender soley for advising of a postponement as you'll want to make sure that their Attorney is aware of any postponement. There have been cases where the Sellers Lender and their Attorney weren't effectively communicating. Hopefully you are also using a Realtor who can ask these questions of the Sellers Realtor. Good luck and don't delay finding this out.... more