In real estate, a ratified contract is when all of the terms have been agreed to in writing and delivered back to the parties. In the case of a home purchase, if there are any contingencies in the contract in most cases the number of days to satisfy that contingency begins at that point. It is like pressing the start button on a stopwatch.
One of the first items typically to be addressed is to conduct an inspection of the home. The role of the home inspector can be compared to that of a medical general practitioner. According to the Merriam-Webster dictionary a general practitioner is: a physician or veterinarian whose practice is not limited to a specialty. In practice, the general practitioner examines a patient and with that information identifies if there are areas of concern. If there are, the doctor will recommend further tests or evaluation by someone with more specific knowledge and training. On these occasions she will refer the patient to a specialist.
The inspector assumes a similar role in the home purchase process. He examines the different components of the exterior and interior of the home and property. Just as a medical practitioner updates records, the inspector prepares a report identifying the items that do not meet industry standards and code. She may recommend further tests and evaluation by experts with more specific knowledge and training.
Let’s say for example by visual examination the inspector identifies some areas of concern on the roof such as missing and loose shingles and inadequate flashing. The next best step is to contact a professional roofing company to complete a more thorough examination. That report often includes the projected age of the roof as well as recommendations on repairs, remedies to extend the life of the roof and systems as well as full replacement options.
There are instances the medical specialist determines that there is little or no cause for concern. For example if the general practitioner hears something unusual in a patient’s heart and a respected cardiologist examines the person and does not find anything of concern, the patient has several options. One is to trust the professional’s evaluation. Another is to seek additional advice and counsel, particularly if there is a compelling reason to do so. And third, the parties can “watch” the progression of the condition at periodic intervals to determine if future action should be taken.
These counsels apply as well to the home condition. Experience tells that if identified issues have been examined by a specialist in the field, that evaluation overrides the observations of the generalist professional.
Karen Briscoe and Lizzy Conroy along with their team of agents at HBC Group at Keller Williams would be delighted to assist with your real estate needs. These active and experienced Realtors® can help you in the Northern Virginia, suburban Maryland and Washington, DC marketplace. Whether selling or buying a home, they consider it their mission to improve and impact lives. Please contact via the means most convenient for you: www.HBCGroupKW.com, 703-734-0192, Homes@HBCGroupKW.com.