Inspection Contingency Period
Once a home goes “pending” and is under contract, the buyer’s agent will typically schedule a professional, whole house inspection. A professional inspector looks beyond the new paint and polished windows and examines the minor and major details of your home. Some homes come through the inspection process with flying colors, whereas other homes have a long list of issues identified. We will negotiate with the buyer’s agent, identifying what repairs we feel you, the seller, should be responsible for. All of this takes place during the Inspection Contingency Period, which is typically 10 full business days from the time that the contract is agreed upon. We hope your home doesn’t have major issues, but if it does, we will make recommendations and help you through the process of getting repairs scheduled.
Once the buyer receives the inspection report, we will negotiate a Repair Addendum with the buyer’s agent, identifying which repairs will be taken care of by you and which issues will be left to buyer to take care of after possession. You do not have to address every issue identified in the inspection report but be aware that a buyer can choose to walk away from a sale and receive their earnest money back if you are unwilling to negotiate on at least some of the repairs. Every deal and transaction is different, and we will guide you through this!
Before closing, your home may also have an appraisal inspection. As we discussed before, an appraisal is performed by a neutral third party. We will reach out to you when we know the preferred time that the appraiser would like to visit your home. It is best if the appraiser can visit your home when it is vacant, so treat this appointment like a showing, leaving your home looking its best and confining pets (or taking them with you). Once repairs are completed and your property is appraised, we can move on to Closing!