Chris & anna Kassel

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First Time Home Buyers – A Break Down of the Home Inspection Process

Let's Talk Home Inspections

So let’s say the seller accepts your offer on their home. What do you do next? Once your offer is accepted your earnest money will be deposited to the seller. This is your buyer broker’s responsibility to take buyer’s earnest money check and deposit it into the escrow account within 3 days after the purchasing contract was signed. After your earnest money is deposited we recommend reconnecting with your lender and working out the next steps getting your loan formally approved by an underwriter. After you have figured out the financing it’s time to work on a home inspection. You as the buyer will have to hire and pay for a home inspector to inspect your potential new home. Your buyer broker will help you through this vetting process of finding a good home inspector. After the home inspection is completed (usually 3 to 4 hours), the inspector will email you a thorough report on the entire inspection. You and your buyer broker will discuss if there are any major issues that came up on the inspection. Some of these issue could be what we call a “deal killer” and you might want to cancel the contract because the inspection issue was too major to correct.  An example of a “deal killer” would be severe structural issues that are non-repairable. In this instance you would want to cancel the contract get your earnest money back and find another property. This is usually not what typically happens though. A more common inspection example is there my be items you want the seller to address, like having the furnace checked out by a licensed furnace contractor, or having the roof inspected by a licensed roofer… things that you as the buyer wants to get checked out to make sure major systems are in good working condition. The purchase contract will include an inspection objection date, this is the date that all of the things the buyer wants to have fixed must be submitted to the seller. After your inspection objection is received some negotiation may occur between the buyer and seller about what needs to be fixed. The buyer and the seller must agree on inspection terms before the inspection resolution date. The inspection resolution date is the deadline in which the buyer and seller must agree on a resolution for issues found in the home during the home inspection. After you and the seller have agreed on all resolutions and dates in which they will be preformed you are ready to take the next step in the buying process! 

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