Step 11: The Home Inspection
The home inspection usually occurs within 7 business days after the contract is accepted (the official timeframe is noted on the contract). The buyer will schedule the inspection and their realtor will confirm the day/time. Most inspectors do not work evenings or weekends so usually the inspection takes place during a weekday. Sellers should not be present for the home inspection. The inspection can take 3-4 hours and then there will be an inspection walk through with the inspector, buyer and realtor for approximately one hour. For that reason, the home should look just like it did for the showings with beds made, dishes put away, pets out of the home, etc.
After the inspection, the buyer will need to review the report and the buyer’s realtor will present us with a ‘Home Inspection Resolution Form’. On this form, they have 3 options:
- accept the home as it is
- ask for repairs
- walk away from the transaction and receive a full refund of their earnest deposit (this should come into play for major defects only).
The repairs are open to negotiations. Any agreed upon repairs must be completed prior to the final walk through, by qualified/licensed contractors. We will need to supply receipts to the buyer’s agent for all repairs. All of this must occur before the final walk through, which is 24-28 hours before closing. If this is not done, they have every right to delay closing. In some instances (such as radon mitigation) a contractor may accept payment from the title company out of your proceeds at closing. If so, this will be noted on your Closing Statement and will save you from having out of pocket expenses prior to closing.