YAY! Your Offer Was Accepted! Now What?? Inspections - That's What! Hanging Tight With My Transactions.

By
Real Estate Agent with Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 141871

YAY!  Your Offer Was Accepted!  Now What?? Inspections - That's What!  Hanging Tight With My Transactions.

I know and you know...we both know, that we've gone through the scenario and time-line more than once. 

 

BUT

 

We both know that you've never purchased a home before or any other real estate for that matter, so even though we've been through this and discussed what comes next, you've forgotten what to do next. 


The next ten days are crucial. 

 

You've got a lot to do to make sure that this home is what you think it is and that your loan is on course.  There are two things going on simultaneously right now. 

One has to be with your loan approval and the other has to do with the inspection and review period in your contract. 

Today I want to get you started on those inspections and reviews. You said that the standard 10 day inspection period was going to be adequate but those ten days are going to be busy days

So let's go through this one more time and get started.  Remember that I hang tight with my transactions, and this one is your transaction, so you need to hang tight with it too. 

First it's time to do some scheduling:

  • When I gave you the list of home inspectors in our area, you settled on Mr. Johnson and I've already touched base with him. He needs a three day lead time. You'll either need to be present and pay Mr. Johnson or leave a check for him, with my office. 


  • WDI - Wood Destroying Insects Inspection.  This usually can happen within 48 hours of calling and scheduling.  Again, you'll need to be present  on the day of inspection to pay for the inspection or leave a check with me to give to them.


  • Since this property is in the country and on a well for water, a sample needs to be collected and tested.  The local Department of Environmental Quality has well testing kits available and the sample needs to be taken back to their office with a $25 check for the service.


  • Since this property is on a private septic system, you may want to have the system checked out by a local septic installer/inspector. 


  • Since the seller is passing all mineral rights that they own with the surface rights to you AND since the title abstracting process does not include mineral rights, it's time to have the mineral rights researched so that you know what percentage you will own. 


  • Now is the time for you to measure the home and check the square footage if that is important.  Never rely on any quoted square footage by anyone.  This one you need to check out for yourself.


  • This is the time to make sure that property use restrictions, building restrictions, easements, covenants, or any other kind of legal restrictions are not going to interfere with your use and enjoyment of the property.


  • Boundaries - Where are the corners?  Are the fences on the boundary lines?  Time to secure the survey of the property. You and the seller agreed that they would furnish a copy of the survey that they had done last year.  It's time for them to do that.


  • The property that you are purchasing has quite a bit of acreage with the home, so now is a good time to check with NRCS about any conservation plans that you want them to work with you on.  Also that large pond on the back side is a flood control structure that was done through the local Conservation District.  They have an easement through your property to maintain that structure.  We've talked about this already, BUT now is the time for you to talk to the Conservation District about it. 


  • Any and all other inspections or reviews concerning the property.. you  are not limited to those listed above.  BUT you are limited in time to get them done.  NOW IS THE TIME. 


The Inspection and Review Process is VERY IMPORTANT.  Don't be lax in the process.  I will be present when these are taking place... I hang tight with my transactions.  But ultimately you need to be the one that has to be happy with your new home so you need to be there also if you possibly can.  We'll talk about what happens at the end of this process in another post in a couple of days.



YAY!  Your offer was accepted.  Now let's get busy!

 

Other Hanging Tight With My Transactions Posts:

Do I need a survey to sell my land? Surveys - Hanging Tight With Your Transactions

Blog Entry: Clearing Chain of Title Issues Oklahoma- Hanging Tight With Your Home Sale Transactions!

 

Photos Courtesy of:

RJL20 (Solar Water Heater Set Up)
Mr T in DC (Gutter and Roof)

Kramerhawks (survey marker)

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Tere Rottink 10/02/2010 01:22 AM
  2. Paula Reno 10/02/2010 06:35 AM
  3. Tammie White, Broker 10/02/2010 04:09 PM
  4. Curt Baumgarth 11/08/2010 06:46 AM
Topic:
ActiveRain Community
Location:
Oklahoma
Groups:
Everything OKLAHOMA
Local Expert
Posts to Localism
Small Town Rural Marketing
The Thousand Blog Club
Tags:
buying a home in southeast oklahoma
home inspections
termite inspections
square footage home
purchase offer mccurtain county choctaw

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Ambassador
727,841
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Brilliantly presented Judi ! And this will certainly prepare buyers for the fast pace of the next two weeks.

I actually have almost the exact same conversation with my buyers every time we get an accepted offer. And like you, I'm already in the saddle ready to get busy too !

Nicely written Judi !

Oct 02, 2010 02:45 AM #13
Rainer
207,863
Curt Baumgarth
Mesa, AZ
inactive

Great list Judi, in some states, such as Arizona, the septic inspection is mandatory on all home sales and it mandatory that the seller pays for it.

Oct 02, 2010 02:59 AM #14
Rainer
99,475
Curt Hess
ExecuHome Realty - Annapolis, MD
Luxury Home Consultant, Team Leader & CEO

Great post. You just improved my list. Thanks.

Oct 02, 2010 03:35 AM #15
Rainmaker
153,400
Kathy Knight
Intracoastal Realty Corp - Wilmington, NC
BROKER, ABR, CRS, GRI, SFR, SRES

Judi - great post - inspections can make or break a deal!!!

Oct 02, 2010 03:55 AM #16
Rainmaker
1,323,495
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

I have one that the buyer ordered the septic test and it was suppose to be done by now and I cant reach him...a little frustrating. I am guessing he is out of town.

Oct 02, 2010 04:05 AM #17
Rainmaker
535,405
Gay E. Rosen
Julia B. Fee Sotheby's International Realty - Larchmont, NY
As Real as Real Estate Gets!

Hi Judi: I always take my time with customers when they are looking for properties... If it takes 20 homes or 100 homes, I am there for them.. BUT I always tell them that as soon as we get an accepted offer, we will need to move quickly, and efficiently.. and I change my hat.. I alwaya tell them beforehand so no surprises and so they KNOW they cannot drag feet. Good post. Gay

Oct 02, 2010 04:48 AM #18
Rainmaker
450,073
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Judi~ I like how you spelled it out for buyers.  There is so much more to just the price when buying a house! That is just the beginning of the process!  The hurdles with the inspections and the loan process can at time be overwhelming. 

Oct 02, 2010 05:25 AM #19
Rainer
370,899
Surprise Arizona Realtor Jim Braun Sun City Grand Active Adult Communities
Coldwell Banker Residential Brokerage Jim Braun Sun City Grand Az - Surprise, AZ
Surprise AZ real estate Phoenix West Valley

You layed it out and presented well. I sometimes think not only clients don't understand everything that needs completed but many Realtors procrastinate and put their buyers in a crunched time frame to get all things finished. We are here to educate the client and many agents do not educate. 

Oct 02, 2010 05:57 AM #20
Rainmaker
187,364
Kathy Smiley
Rodeo Realty ~ Fine Estates Westlake Village - Westlake Village, CA
Westlake Village, CA - "Making YOU Smile!"

Judi - good stuff here! I agree with Jim, many agents procrastinate. Especially with responding to requests for repairs. Don't wait until the last minute! Some deals have fallen through when buyers aren't convinced the home's condition is worth the price!

Oct 02, 2010 06:23 AM #21
Rainmaker
60,856
Paula Reno
Astro Realty (Buyer Agency) - Cedar Lake, IN
Broker, Owner - Cedar Lake Indiana Realtor, Astro

I love this post it is so true. I just had an offer accepted today and we are in this process of inspection, loan papers and so on. thanks for the great info. Paula

Oct 02, 2010 06:31 AM #22
Rainer
432,495
Margaret C. Taylor
Century 21 New Millennium MD - Mechanicsville, MD
St Marys/Calvert/Charles MD Real Estate Agent

Hi Judi,  Thanks for the list and pleasant presentation.  Buyers need to know what is coming next.  Margaret C.

Oct 02, 2010 07:21 AM #23
Ambassador
1,705,610
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Judi, this is excellent advice and worthy of a re-blog.

Oct 02, 2010 03:30 PM #25
Rainmaker
456,606
Stanley Stepak
Howard Hanna - Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

Hey Judy that was really well organized and to the point.  This is a process that involves a number of steps or hoops to jump through that short period of time.  Your post is great for people who need to see what time window is all about.

Oct 02, 2010 03:38 PM #26
Ambassador
2,306,898
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Andrew - Yes, there is a lot of detail.. after acceptance of the contract is when the real work begins.

Troy - Now there's a good way to say it.

Leesa - No breathers now. It's time to get busy.

Michael- Yes definitely.  That is the moral to the story.

Richard - That's a tad late to get it all done. :)

Michasel S.  - Yes, it is just the beginning.

Terre - I am honored.

John - It was good to visit with you on the phone.   Let me know if those ideas worked. 

Peggy - My pleasure.  Hope you can use it.

Derek - Thanks.  It is a busy time right after the contract is signed.

Alan - Thank you.  I know we all want our buyers to make sure that the property is going to work for them. 

Sergio - Thank you.  :)

Sheldon - Thanks.  I cannot understand agents that are not a part of this process with their buyers.

Curt B - Glad that they get one done. Not required here but a good idea. 

Curt H - Glad that you could use it.  Thanks.

Kathy - They sure can!

Chuck - That would be very frustrating.  Hope is reachable soon.

Gay - We have to wear a lot of different hats, don't we? 

Vickie- Thank you.  Yes. I agree.  There is a lot more work to getting the home bought.

 

Oct 02, 2010 04:17 PM #27
Rainmaker
564,419
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Judi -- Thorough but brief expounding on there is much more to a real estate transaction than meets the eye.  Well said. Especially for more complex properties.  I just went through a septic system replacement with multiple levels of government bureaucracy involved (city, county, state) -- there is no substitute for knowing the ins and outs and being tenacious and proactive.

Oct 02, 2010 05:10 PM #28
Rainer
49,087
Alex Morris - Austin Real Estate Agent
Austin, TX

I would be interested to know how you go about "verifying" square footage.  I just went through a nightmare transaction on the buyer's side with stated square footage.  In my neck of the woods, we don't typically re-measure, but take the appraiser's measurements at face value.

Oct 02, 2010 07:16 PM #29
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Judi!  AWESOME post--you are on a ROLL!  I don't think that John Q truly knows what all we do to get to Closing!  There's far more than meets the eye and we must constantly stay on top of the transaction or if you get to Close with even the smallest of details left behind, oftentimes (especially now), the buyers just won't move forward.  Frankly, I can't say that I blame them either!  

Congrats on the feature!

Oct 02, 2010 07:46 PM #30
Rainmaker
517,139
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Hi Judi,  This is a great blog.  Thanks, it puts it all in place and lets the buyer understand their responsibilities in that 10 day period.

Oct 03, 2010 05:02 AM #31
Ambassador
645,988
Larry Lawfer
YourStories Realty Group powered by Castles Unlimited® - Newton, MA
"I listen for a living." It's all about you.

Judi, as usual you have good and practical information we all can use. Thank you for continuing to share your professional approach to our industry.

Oct 03, 2010 05:47 AM #32
Ambassador
2,306,898
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

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Oct 05, 2010 02:07 PM #33
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