I've Finished Home Inspections, What Now?
You had a certain number of days after your Time Reference Date to do your inspections. It's the last day of the Inspection Period. What do you do now?
Well, it depends upon what you found during the inspection period and what you want to do. You've got three options:
1. You are happy with the home. There are no "deal breakers". You are ready to accept the home in its current condition. SO you don't have to do anything. We move forward to the next step in your buying process, which is the Seller Brings the Abstract Up-to-date.
2. You found issues that you do not want to deal with. There are "deal breaker" issues associated with the property and you want to cancel your contract and look for a different property. Tell your Agent that. He/She will have you fill out the appropriate forms and submit any inspection reports that were generated during your inspections. Just make sure that you're still in the period of time within your contract that you can cancel and receive your earnest money refund. Do everything in the time periods allowed so there's no breach of contract.
3. The Inspections turned up a few issues that you would like to have the seller fix. You are willing to buy the home IF you can work out these issue repairs, replacements, or treatments so you want to negotiate with the Seller on these things. Again, make sure you are within the time frame allowed within your contract. Talk to your Agent about it, submit your reports to him/her and he/she will have the proper forms for you to sign.
Default time period for these negotiations in our standard TRR form is 7 days. Ask your Agent. That means that within 7 days the repair, replacement, and treatment costs negotiation needs to be resolved or the contract cancelled UNLESS you and the seller specify otherwise.
Buying or Selling a Home in Idabel Oklahoma? Call me. I'm Judi Barrett and I am a Real Estate Broker in Idabel Oklahoma that's ready to talk to you about your real estate needs. 580-212-5946 Integrity Real Estate Services, 118 SE Avenue N, IDABEL, OK 74745
Comments(1)