Contract, Appraisal, Inspector

5 Replies

Hey, i am about to start investing in Philly. I was wondering what is the right course of action: first sign the contract, get the appraisal and then the inspector, or should i use a different order ?

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thank you so much. how much is usually given as a deposit and what's homepath?

RE: Deposit, do you mean Earnest Money Deposit (EMD)? EMD is typically 1% of purchase price, no less than $500-$1000 (I rcommend $1000). The more EMD, the more serious you appear.

Homepath is a Fannie Mae program. Google it. You'll see it on some REO properties.