So, you've gotten an accepted offer on the house of your dreams...Now what?
There are many things that must be done, but for today, we will focus on your inspection.
In AR Real Estate contracts, there is verbiage that state you will have 10 business days to inspect your new home. Unless you and your agent make changes to the contract, you should focus on that 10 day time frame. Remember, it is up to you to inspect your home and know what you are buying.
There are a list of licensed home inspectors that your agent can provide you with. These home inspectors are typically not licensed in any specialty, ie...heating/air, electrical, plumbing, or structural engineers. They will do an inspection of the home using a checklist of items that they will inspect. Once they've done the inspection, they should walk through the home with you and discuss any issues or areas of concerns. If there is something that doesn't meet the requirements, they may encourage you to have a licensed person reinspect that particular item. The licensed inspectors may charge $200 or more depending on the size of the home. I encourage All Buyers to get a Professional Inspection.
If there are some repair concerns, the Home Inspector will go over them with you and give you a checklist of things that you may want to consider having repaired by either yourself or the seller.
Once you've done your inspection, you can:
- Sign an Inspection, Repair, and Survey Addendum stating that you have fully inspected the home and you are Not Asking the Seller for Repairs.
- Sign an Inspection, Repair, and Survey Addendum stating that you ARE Asking the Seller to Do Repairs. These repairs will be negotiated between the buyer and seller.
- Sign a Termination stating that you are not happy with the Inspection and you want to Terminate your offer.
You will have the right to re-inspect the home prior to closing to assure all repairs, if being done by the seller, are performed to your satisfaction. Your agent should be Extremely Specific on the repairs you ask for. Remember, it is still up to you to fully inspect the home and make sure everything is done to YOUR Satisfaction. Once you've done your final walk-through (This should be done just prior to Closing) you will be asked to sign off on the home stating you've had the right to inspect it and you are accepting the home.
Does this sound like too much information? Don't Fret, Because if you are using a Real Estate Agent, they should walk you through these steps... one by one! We will make sure you have all of the crucial information at hand to protect your interest.
Be an informed Buyer! I'll be happy to represent you if you are looking for Real Estate in The Arkansas Real Estate Market, preferably, in the Clarksville AR, Russellville AR, Ozark AR, and Arkansas River Valley areas. If you are wanting an agent outside of this area, feel free to contact me and I can help you find an agent in your area.
Have a Great Day!
Teresa Smith
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