Fingers crossed for a clean inspection? A few things to expect…
After settling on the initial terms in the contract, the Inspection Phase begins.
The duration of the Inspection Period is annotated in the contract. During this time, the Buyer, can elect for a variety of home inspections to be conducted by inspectors of their choice.
The home inspection is typically paid for by the Buyer.
Many times, the report will highlight defects in:
- structural components of the home that are visible to an inspector during the appointment, such as a hole in the wall
- evident issues during the operation of mechanical components of the home, such as no hot water in the shower
Keep in mind that certain inspectors may be more thorough or detailed than others.
Once the Buyer has a chance to review the inspection report, they may craft a post-inspection agreement in which they can ask you, as the Seller, to address any concerns that came up in the inspection. The Buyer may also choose to terminate the contract, if there is an Inspection Clause in your contract.
This is also the phase in which the appraisal will occur. An appraisal, required by most lenders, is conducted by an unbiased third party to determine the fair market value of the home. The Buyer’s lender will coordinate with your WeVett Agent and the Buyer’s Agent to ensure this happens in a timely manner.
Disclaimer: The information contained and the opinions expressed in this article are not intended to be construed as investment advice. You should always conduct your own research, due diligence and obtain professional advice before making any investment decision. WeVett, LLC & its members will not be liable for any loss or damage caused by your reliance on information or opinions contained herein.