OPTIONS AFTER THE HOME INSPECTION

After The House Inspection.. What Are My Options?

After being in the real estate industry for more than 38 years, there is still one question that people ask me more often than any other question.

“What happens after the home inspection?”

Having a home inspection is one of the most important conditions you should include in your offer. The other important condition is financing.

These conditions usually take 3-4 business days. Both Conditions need a Waiver or Fulfilment of Condition to be submitted after each Condition has been met. This document removes the Condition from the offer. If the Condition is not fulfilled, the offer dies, and you get your deposit back after both parties sign a Mutual Release.

You should hire a certified/registered home inspector. Your agent can probably provide you with a list of 2-3 good inspectors you can call, or you can find one of your choice. The inspection normally lasts 2-3 hours depending on the size of the home. The price varies too depending on size and the type of home.

There is a simple answer… you have four (4) options available to you.

1. If the report indicates only minor issues you can sign a Waiver or Fulfilment of Condition removing that Condition from your offer.
2. If the report indicates  some major issues that need immediate attention you can ask the Seller to repair/replace the item prior to closing and provide a receipt to show the work has been completed.  I would not recommend this option as you don’t know or can control the quality of the work performed.
3. As above if the report indicates some major issues that need immediate attention, you can ask the Seller for a price reduction to cover the cost of any repairs. In this case, if the Seller is agreeable,  both parties sign an Amendment.
4. If there are just too many items revealed in the inspection report, you can walk away.  Both parties sign a Mutual Release, and you get your full deposit back.

Review the Inspection Report with your agent to see which option is best for you. Remember, the House Inspection is a Condition … it is not a firm deal unless you remove the Condition. This is done by signing a Fulfilment of Condition, a Waiver or through an Amendment, changing the terms of the Offer. The Amendment must be signed by both parties and agree to the changes in the offer.

To look for information on buying or selling real estate, visit my website: www.niagarapropertiesonline.com

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