Equestrian Newsletter March 2021
How long do I have to get inspections done?
10-14 days depending on your contract
Do you have to do inspections when purchasing a property?
No, you can waive inspections. This makes for a strong appealing offer but comes with risks that you could be buying something that has some major defective issues. You can also do inspections but for “Informational purposes only” or “as is” this gives you the window to do inspections to see what you’re getting into but you will not be submitting a laundry list of items to seller to repair.
Who schedules inspections, me or you?
You the buyer hire the inspector and schedule, we make sure it works for the seller.
I don’t have an inspector can you help me find one?
Absolutely we have multiple trusted professionals our buyers have liked and can recommend but you may use whoever you’d like.
Are inspections apart of closing costs or an extra cost?
Inspections are a separate cost to the buyer.
My brother is handy but not licensed can he be my inspector?
A seller will only negotiate with a licensed professionals work with reports. Per Covid guidelines we try to limit the number of people at showings/inspections but definitely feel free to facetime your brother to show him around if necessary.
Is there just one inspector I need or certain people for certain things?
One home inspector, If further evaluation is needed of specific items you can get specific licensed contractor out to assess. If there is a Septic present, septic inspection is separate.
Septic is separate, who do I hire for that?
Generally best to ask seller who they use to pump system. They will be most familiar with the system, tank location and be able to inspect as well. Have seller mark location of the tank this could be an extra charge if septic company has to look around digging multiple spots.
Who pays for pumping, who pays for inspection of tank?
Generally Seller pays for pumping, buyer pays for inspection of septic.
Should I schedule Septic and Home inspection on the same day?
Yes, that makes it easiest for seller, and agents if possible but we understand everyone's schedules area different and sometimes it does not work out that way.
What is the cost of a home inspector, one flat fee or does it depend what I get done?
Varys on who you use and what you choose to get done. Radon, water, pest are extras.
Do I need radon? And water tested?
It is best to find out now during inspection period if there are major health concerning issues such as radon and bad water. This will fall back on seller, whereas after closing this will be your possibly costly issue to remedy.
Does my lender get a copy of my inspection report?
If there is too much uncertain items found can I walk away?
Yes during your inspection period.
What happens to my deposit if I walk away?
As long as you follow your contract and are within your inspection window you will get it back.
Will I get my inspection money back?
Unfortunately no. Once inspections are done and if you decide to walk away your inspector has been paid for his job and you do not get that money back. Sometimes the next purchaser of the house may ask to buy them off of you, one way to recoup a few dollars lost.
If I still want to purchase but some items are concerning then what?
We will attach items with corresponding report pages and submit a request to seller to repair/replace, or credit the items of concern.
How many items are too many items to request?
Depending on what market you are in may alter how willing sellers are to work with a buyer on inspection items and ONLY include hazardous, health concerning or defective items.
Does the seller HAVE to do all my initial requested items?
No, they can choose to do some and not others.
Will final negotiated items be in writing?
Yes, once buyers and sellers have agreed upon what sellers will do we you will have a signed form starting, and signed by all parties.
How will I know they did the items?
Paid Invoices will be provided prior to closing and final walk through is most important to be sure all items were done as requested.
Can I ask for a credit instead of repair?
Yes, sometimes credits are an easier route for both seller and buyer. Seller doesn’t have time or want to deal with the hassle of doing project, a credit is a great way to go. This way the buyer has the funds at closing to be able to repair themselves. A quote may need to be provided to confirm credit is appropriate amount.
I already have the seller crediting closing costs will that effect how much of a credit I can get for inspection items?
YES, certain loans will only let you have so much of a closing cost credit total, example 6% fha. If you are already asking for closing costs this will limit how much of a credit you can have for a credited inspection item.
In this market are sellers more or less likely to do minor items on inspection request lists?
Being an active sellers market sellers are LESS likely to do many items requested. They can simply go active and get property under contract easily once again. You must feel confident in your purchase however limit your requests to the necessary and remember no house is perfect.
Kelly S Ryan
William Raveis Real Estate