Fingers crossed for a clean inspection? A few things to expect...
Welcome to the Inspection Phase! This is the phase where you have time to really make sure this home is "the one" (and that there are no dirty secrets hiding under that impressive brick façade.) The duration of the inspection period is annotated in the terms of the contract. This means you only have a certain number of days to get an inspection completed. While this period is flexible, a common time-frame you might see is one to two weeks for a single-family home. Your WeVett agent should be able to provide a list of local home inspectors to get you started. During this time, you – as the Buyer – can elect to conduct a variety of home inspections. Based on the type of loan you are using, you might be required to have certain items examined in the home. For example, a VA loan requires a termite inspection. Keep in mind that the inspection is typically paid for by the Buyer, so you’ll want to save up funds in preparation depending upon which inspection items you would like to or are required to purchase. The report will highlight defects in:
1. structural components of the home that are visible to an inspector during the appointment, such as a hole in the wall
2. evident issues during the operation of mechanical components of the home, such as no hot water in the shower Once you've had a chance to discuss the inspection report with the inspector and your WeVett agent, your agent will help you craft a post-inspection agreement in which you can ask the Seller to address any concerns that came up in the inspection. You can also choose to terminate the contract, per the Inspection Clause, if any major or concerning issues are revealed in the inspection report. This is also the phase in which the appraisal will most likely occur. Your lender will coordinate with the listing agent to ensure this happens in a timely manner.
Disclaimer: The information contained and the opinions expressed in this article are not intended to be construed as investment advice. You should always conduct your own research, due diligence and obtain professional advice before making any investment decision. WeVett, LLC & its members will not be liable for any loss or damage caused by your reliance on information or opinions contained herein.