Many people understand what occurs during a home inspection, but not as many know what happens after.
First, the inspector will provide the buyer with an inspection report detailing any and all deficiencies they observed.
Once they’re in possession of this report, the buyer can choose to request a financial credit or that the seller completes certain repairs. They can also back out of the deal entirely if the issues are so severe that they no longer feel comfortable proceeding.
Buyers and sellers are each given five days to respond to negotiations from the opposite party. When the seller presents their offer to the buyer, the buyer then has five additional days to process and respond. It typically doesn’t take that long for the buyer and seller to reach an agreement, though.
Then, assuming an agreement has been reached, the buyer will conduct a final walk-through between three to four days before closing to ensure that the home is in the agreed-upon condition. From there, the buyer and seller can proceed to the closing table and finish out the deal.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.