Indiana Home Buyer Doesn't Understand:
Its important that a home buyer listens to their Indiana real estate agent about the process.
There are buyer contract time lines and dates that have to be met. If you don't meet these deadlines a seller doesn't have to extend the contract.
Part of our job as an Indiana Realtor is to make sure that everything runs smoothly and gets done on time. There is a reason that we ask for the Indiana home buyer to sign documents and respond to the inspection report in a timely manner. There are behind the scenes problems and issues that have to be resolved that the buyer may not be aware of. If the inspection report show items that need to be addressed in an inspection response, the seller needs time to gather bids on the items to be repaired before they respond back to the buyer. The contractors may not be able go out and view the property or submit a bid to the seller in a timely manner. This also slows down the appraisal because if the repairs are necessary for an item not to be noted on an appraisal, your Indiana Real Estate Agent may not want the appraisal ordered until the repairs are complete.
What the buyer doesn't also know is if these repair items are noted by the appraiser, the lender will most likely require that these items be repaired before closing. This usually requires that the seller submit paid invoices by a qualified contractor FHA, VA certified depending on the type of the loan. The acceptable general contractors list is given from the lender to the seller to choose from. Then the appraiser usually has to go back out (another fee to buyer) to inspect the property to see if the repairs have been done satisfactorily. As you can see, this is a lengthy process and I try to avoid at all cost.
Asking the seller to Repair items before the appraisal is being proactive. Avoiding appraiser issues can also save the buyer time and money and get them to close on time.
I have a buyer right now that had the inspection complete on Monday. We got the inspection report on Tuesday, despite emails with my recommendation that we respond immediately he insists on setting down together on Saturday morning - no sooner. Repairs will be necessary. We are to close by the end of the month.
Do you see problems with closing on time? I hope that all goes well but its going to be a long month with this one.