The home inspection usually occurs within 10 business days of the contract being executed.
The buyer will schedule the inspection and his/her Realtor will confirm the day/time work for us. Most inspectors do not work evenings or weekends so usually the inspection takes place during a week day. It’s important that the home inspection occur quickly as it often takes the inspector 1-2 days to write the report after the inspection. Sellers should not be present for the home inspection. Instead, it’s a time for the buyer and the buyer’s Realtor to be alone in the property with the inspector. For condos, plan to be gone for 2 hours. For single family homes, the inspection can take 3 – 4 hours depending on the size of the home. The home should look just like it did for the showings with beds made, dishes put away, pets out of the home, etc.
After the inspection, the inspector will write the inspection report. This usually takes 1 – 2 days. Then the buyer will need to review the report and either the buyer’s Realtor or attorney will ask us for any credits or repairs the buyer wants. We’ll then negotiate these items back and forth and, hopefully, come to an agreement. If major problems are found during the inspection, the buyer does have the right to walk away from the deal and the earnest money will be returned to him/her. This is the reason why a pre-listing inspection may be a good investment.
Withing the inspection time frame noted in the contract, the buyer will provide a ‘Buyer Reply To Inspection’. This will show us whether or not they are accepting the property as is or whether or not they are requesting repairs. Keep in mind that just because the buyer requests something does not mean that you need to agree to it, however, there are some repairs that could prevent financing (though I am usually able to identify these before listing). Once all parties agree to terms then we will complete a ‘Change in Terms to the Agreement of Sale’ and this document gets appended to the contract.
Any agreed upon repairs need to be completed prior to the final walk through which usually occurs the day before closing and receipts need to be provided to the buyer showing the required work was completed and paid for in full prior to the walk through and/or by the date noted in the change in terms.
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