The search is over and you have found, “THE ONE.” Part of the home buying process is INSPECTIONS. Forms of Inspections you are entitled to include: Property Inspection, Termite, Well & Septic, Soil, Radon, and any other type of inspection your heart desires.
Per our current Contract, we have 10 days (from the date the contract is signed by all parties) to complete Inspections and ask the Seller for repairs. Typically an inspector will spend 3-4 hours at a home, depending on the size of the home and the types of inspection ordered. The inspector will get into all the nooks and crannies of the home including the attic and the crawl space (if applicable). Once the inspection is complete, the inspector will submit a report to the agent and the client with his/her findings. The report will be lengthy, so don’t worry if you get a 60 page report! The inspection will cover what needs to be repaired immediately, items the new home owner should “keep an eye on,” and items that are a-okay.
Once the report is received, the agent will go over the report with the Buyers to discuss the report and make suggestions on what items we should ask the Sellers to repair. A good thing to keep in mind when buying a home is to think about buying a used car. Unless you’re buying a brand new home, there is a certain amount of “reasonable wear and tear,” to expect. The inspection isn’t completed to make sure the home is “perfect” at the time of purchase. The inspection is really completed to give the Buyers a greater understanding of the home, and is a valuable guideline in asking the Sellers for repair items.
Once the client and agent have agreed upon what to ask the Sellers to repair, we will submit a document called an “Inspection Notice” to the agent representing the Sellers. At that time, the Buyers and the Sellers will have 10 days to come to an agreement about what will/will not be repaired. The Sellers will have a few options on how to handle the Inspection Notice:
- Fix all of the requested repair items
- Fix none of the requested repair items
- Fix some of the requested repair items
- Give the Buyer a financial amount towards repairs
Most often, the Sellers will do either 1 or 3. Less often they will go with option 4. And even less often, they will choose option 2. If the Seller refuses to make repairs to large ticket items, the Buyer has the choice of asking to be let out of the contract. Example: The inspector recommends that a professional roofer inspect the roof for damage and the inspection comes back stating that the entire roof needs to be replaced due to damage or wear. The Seller then refuses to make the repairs. That’s a large enough that the buyer can asked to be let out of the contract. We always try to negotiate through the Repair Addendum. The LAST thing anyone wants is the contract to fall apart over inspections but once in a while, it happens.
Many reports come back with some sort of mildew or mold, and many reports also have termites. Don’t let a big ticket item scare you off. Almost everything can be fixed. As an agent, we’re here to help you through the process. If we tell you, “That’s a pretty clean house!” we mean it. However, if we tell you, “We need to RUN!” we mean that also.