Congratulations, you've got a contract on your home!
Now, you've got to get through the inspection. Today this is the biggest hurdle to getting your home closed and sold. Therefore we recommend that our sellers get an inspection when we list their home so that they can have an early alert as to potential issues.
If you heeded our advice tand took the appropriate corrective actions then buyer inspection should go fairly smoothly.
If you didn't then sit tight. The buyer home inspection is an evaluation of the condition of your home. All accessible systems will be tested to be sure that they are functioning as originally intended. Additionally, your home will also be tested to determine the habitability of the dwelling. The buyers' home inspector will prvoide the buyer with a comprehensive report noting non-functioning or other issues that warrant further investigation.
Once the buyer has reviewed the report they can:
- Choose to terminate the contract
- Request for the seller to rectify any or all the issues on the inspection report
- Request for the seller to provide an allowance so they can remedy the issue(s)
- Do nothing
Now this is the tricky part. The seller can negotiate with the buyer via their real estate agent representative but if the seller is unwilling to perform any part of the buyers' request then the buyer has the right to walk away from the contract and otain a refund of their earnest money deposit. And remember the next prospective buyer will more than likely identify the same issues. So, in most cases, while it may be financially painful, it is in the seller's interest to remedy the issues and finalize the sale.
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