Hi again! This is Denise Cardiff, your favorite red headed Realtor! Congrats! you got pre-approved, found a home, made an offer and we got it accepted! Let’s discuss the buyers due diligence during the inspection period… When buying real estate you are going to want to do inspections…
Typically within the first 7 days to 15 days you have an opportunity to have any kind of professional inspector check out the property. Your rights under the contract are typically the opportunity to back out of the contract and get your deposit back if you are unhappy with anything the inspector finds. A typical home inspection is one that covers the main components of a home and will cost several hundred dollars up front.
As you can imagine a home inspection takes several hours. It covers the structure of the home including the roof, walls, and foundation, and then the mechanical portion of the heating/air conditioning, electrical, and plumbing. Once finished, the home inspector will provide you with a detailed report with photos.
An inspection for termites and other wood destroying organisms is usually completed by a local pest control company who will provide you a Wood Destroying Organism (WDO) report.
Septic systems and wells are a great way to save money on utilities, and may appear to be functioning, especially in an occupied home, however we recommend having them assessed by a professional.
A septic tank that holds the solids should be pumped and visually inspected as well as the adjoining drain field evaluated.
A well water system should be tested for proper well and pump operation and often a lender will require a well water sample be taken, sent to a lab, and checked for bacteria and heavy metals such as e-coli and lead. Also any home built prior to 1978 will require a Lead Based Paint disclosure to be provided to the buyer and then you can then chose to have the home tested or not.
As your buyers agent, we will review all the reports and findings together. As you can imagine, during all these various inspections, undesirable issues can come up and the seller usually doesn’t know about it! Inspections will give you a much better idea of what you are getting into.
I can make suggestions and recommendations for any repairs you may want to ask the seller for, assist with quotes, or negotiate credits on your behalf. Some times, repairs can be rolled into your loan. If termites are found, the home can be treated, and often a warranty provided to the buyer. From a practical standpoint, you can ask the sellers to make repairs or lower the price or maybe give you a credit, basically you’re re-negotiating the deal, but understand sellers are not obligated to do so.
The game of Show and Sell, finding the right home, THATs the exciting part. Once the home is under contract, the real work begins. Coordinating, interpreting, and negotiating all the inspections, communicating with the seller and lender, and we haven’t gotten to appraisal or financing conditions yet!
I hope you can begin to realize the importance of hiring me as your buyers representation for the largest transaction of your life, your biggest asset, your new home.
Call Denise Cardiff 863-944-6349 and visit our website, Cardiff.Realtor for more in our buyers video series blog, Home Work
