Buyers will do an inspection after the contract is signed, and within the timeline specified on the contract (normally 14 days or less). During the inspection timeframe the buyer can cancel contract at any time, and for any reason. The buyer will choose and pay for an inspector. The buyer may request more than one type of inspection on more than one day. The inspector will often check over the entire structure, such as the roof, foundation, pests, electrical, plumbing, HVAC, and sewer. Your approval will be requested for any inspection date and time. Do your best to approve and allow inspections. No inspection will occur without your approval. Normally, the buyer, buyer’s agent, and inspector will attend the inspection. It’s best if you are not there.
After inspections, the buyer may ask for discounts or repairs. You have the right to say yes, no, or negotiate. You will not be required to offer discounts or repairs unless previously agreed. It is normally best to give the buyer a discount rather than agree to perform repairs on the home. If negotiations fail druing the inspection period, the buyer has the right to walk away at any time and retain their deposit. Once we successfully negotiate a resolution and the inspection period ends, the chance of sale increases from 50% to 90%. The most common inspection problem is when evidence of (WDO’s) wood-destroying organisms is found. Banks will not loan money unless you provide a guarantee from a reputable pest control firm guaranteeing that there are no live termites on the property. If you think you have past termite damage, it’s helpful to have a recent invoice or receipt guaranteeing no live termites.
Dan Novak will answer any questions 941-323-8685
Prime Time Real Estate Inc. 