03/11/2021
✨What happens during the inspection period?✨
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Once the contract is executed, your inspection period has begun. Typically, an inspection period lasts for 15 days, but in this market it is not uncommon for the inspection period to be much shorter. Here is what to expect within this time period:
• Work with your agent to schedule the home inspection ASAP - Make sure you get a 4 point and wind mitigation inspection in addition to the home inspection, as you will need these for insurance later on. In most cases, you will need to pay for the inspections up front.
• Negotiate repairs based on the inspection report findings - You will discuss these items with your agent & they will negotiate on your behalf. Typically sellers will agree to fix minor items before closing, but when there are bigger issues at play, like a roof replacement, the situation changes. If the seller does not want to credit you for the replacement or have the work done by a licensed contractor, you will have the option to cancel the contract without penalty and get your earnest money back.
The inspection itself & the negotiations must be completed within the allotted inspection period. After this period ends, you and your earnest money are no longer protected from issues within the home (within reason).
As always, it is important to keep constant communication with your agent throughout the process, as these deadlines are crucial to a smooth transaction.
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Next week we will talk about buyer's agents and what to expect when working with one!
