Once a contract is signed by both parties, the inspection period begins and the Buyer has a certain number of days to get the inspection done. An inspection detects issues that are not usually seen on a simple walk-through of a property. The purpose of the inspection is to report the condition of the property, as well as exactly what, if anything, is damaged and/or needing repair. If the Buyer deems the condition of the property unacceptable, the inspection period provides them right to terminate the contract.
On Day 1 of the inspection period, the Buyer calls an inspection company to set up the inspection. Kenny Silverman & Associations can provide preferred vendors. To obtain an accurate quote, the Inspection Company will need the Buyer’s contact information as well as:
- Property Address
- Time frame for the Inspection
- Services Needed (i.e. 4 Point Home Inspection, Wind Mitigation, Termite Inspection, Pool Inspection, Video-scoping Plumbing Inspection to Street, etc.)
- Many Insurance Companies may require certain inspections to obtain coverage. Click Here to learn more about the Insurance process.
Since the Inspector will need to have access to the property, the date and time will need to be coordinated with the Listing Agent and the Buyer’s Agent as well. Once a time is set, the inspection agreement(s) will need to be approved and payment will be due by the Buyer.
Common Information You’ll Find During Inspections:
- Foundation, Structural and/or Roof Issues
- Heating/Air Conditioning, Electrical and Wiring Issues
- Plumbing Issues
- Proper Insulation
- Signs of Rotting Wood, Mold and/or Termites
- And much more
When the inspection is complete, the Buyer and the Buyer’s Agent receive the inspection report from the Inspection Company, typically that same day by email. Any third-party inspection reports (i.e. termite) typically come by the following business day.
Upon reviewing the inspection report, the Buyer will need to decide among the following:
- Accept the property in the current condition.
- Negotiate with the Seller through your respective agents to have any repairs made before closing and/or monetary concessions from the Seller based on the condition of the property stated in the inspection report.
- After any repairs by the Seller are completed, it is always recommended to re-inspect the property.
- Terminate the contract.
Addressing any issues with the property upfront will potentially save Buyers and/or Sellers future frustration and thousands of dollars in repairs.