uyers purchasing a home have the right to an inspection period, negotiated with the initial offer to purchase. The purchase contract typically has an inspection contingency, in Missouri that’s usually 10-14 days after the accepted offer. During this time, buyers can purchase inspections and use the report provided to negotiate repairs or adjustments to the purchase price. That is done formally in a document called an Inspection Notification. Typically, the seller has 10 days after receipt to come to agreement with the buyer, and/or either party can choose to leave the contract. Both parties have the right to negotiate and your realtor (whether you are the buyer or seller) should take the lead in making that happen.
What happens when there is a serious issue uncovered? One should never expect that every little detail will be perfect. However, if there are serious issues like a leaking roof, stopped up sewer system or broken HVAC these are items your realtor will help a buyer to negotiate. Typically, buyers ask for a repair, or a reduction of sales price, and sometimes for a credit at closing to cover for the repairs.
If buyer and seller are unable to come to agreement and/or one party chooses to end the contract during this period, earnest money would be returned to the buyer. However, if the period expires without formal written notice, the contingency may be considered waived. Attempts to negotiate may not be considered valid and if the contract is ended by buyer outside the inspection notice for related issues, they may not receive a refund of their earnest money. Its important to watch the timelines and deadlines for actions in your real estate contract!
Have more questions about how this works? Use the Contact us section of this page call or message. We are happy to provide a free educational session about the home purchase / sales process.
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