sponsored post by Lauren Hruby and Scott DeVouton
The process of selling or buying a home hits a high point when you have a contract in place. Everyone has signed, agreeing to a price and closing date. From one perspective, you and your agent have done your jobs successfully. From another, work has just begun.
The “inspection period,” usually 10 days, starts the day after everyone signs the contract. It’s the time in which the buyer has a chance to assess the condition of the property. If any problems come up during the inspection period, the buyer typically asks the seller to either fix some or all of the problems or lower the purchase price. From there, the parties negotiate, they typically reach agreement, and everyone gets ready for closing.
During the inspection period, the buyer typically looks at the major aspects of the home. Areas include structural, electrical, plumbing, appliances, safety hazards, and specialized areas such as roof, sewer system, trees, insects, wood decks and other exterior structures. As you can imagine, each home has its unique list of items that potentially need maintenance or repair.
Buyers usually have a general home inspection performed, along with a termite inspection and radon test. Costs vary, but this type of inspection set usually costs around $500. If anything turns up, you can decide whether to bring in other inspectors, whether to ask for a longer inspection period, or whether to get estimates for repairs.
Inspections also affect sellers, which is why we recommend that sellers have a pre-inspection performed on their homes prior to listing. This, coupled with pre-listing repair of necessary items, can really boost a home’s place in the market. Rather than having to hastily repair something after the inspection period or unexpectedly drop the list price, the seller who has pre-inspected and made repairs enters the market with a greater feeling of certainty and control. It can also deter lowball offers because of deferred maintenance.
Once the parties agree on what, if any, repairs will be performed, and who will pay for them, there is another flourish of activity. Any repairs will call for tradespeople and a look at the timeline. Closing may be delayed, depending on the scope of work. As repairs are completed, a final walk-through is scheduled to verify repairs and ensure the property is in the same condition as when last seen. Then agents, title reps and lenders exchange information and prepare for closing.
Lauren and Scott are with Lauren Hruby Real Estate, Keller Williams Realty Key Partners, LLC. They work with people looking to sell or buy a home in the Kansas City area. For more information, visit www.laurenhruby.com or call 816-529-6174.
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