This is a repeat but so important and so necessary to discuss again and again.
In Texas, when you sell / buy a residential property there is likely a time period in the offer called "the option period". This consists of days given from the seller which is paid for by the buyer. An example is 7 to 10 days worth roughly 1% of the earnest money. This allows the buyer to perform their inspections and have leverage should something surprise them on condition (integrity issues of the house).
You start with the general inspector. Then if necessary you get licensed contractors (A/C, Plumbing) to follow up with issues the general inspector MIGHT have found. These general inspectors are not always accurate or correct. Their findings on specific issues could lead to necessary repairs. However their findings could also be wrong. Complete and accurate analysis of cooling/heating/plumbing should not be left to a general inspector. This is not a knock on the general inspector, they have waaaaay to much to inspect. Here is how these go down.
Go under contract Monday afternoon. Your Realtor gets from you the inspector to call or refers some to chose from. The general inspector visits the house by Thursday/Friday at the latest. The report is written and a copy is sent BUT THE BUYER SHOULD BE PRESENT FOR A WALK THROUGH / OVERVIEW OF THE GENERAL INSPECTION. Following the step of being present for the end of your general inspection you/the buyer will know who if anyone else needs to be called. You don't need to wait for the written report. Does the roof need further investigation? Plumbing? a/c? electrical? Being available to verbally go through the generally inspectors findings allows insight to the written report AND gives direction for your Realtor to call his vast supply of contracting resources to further answer the next round of inspections (roof-plumbing electrical). In this scenario you have calls to the plumber (as an example) who visits the house Friday-Saturday-Monday to finalize what issues might/might not exist. By Monday late afternoon you are either comfortable with the facts you have OR are in re-negotiations of the terms OR have specifically asked for an extension of the option time period. Extensions are possible but not guaranteed. The best chances of an extension exist when a seller learns of exact reasons or issues being further investigated.
As a listing agent I expect buyer/buyers agent to be using their time of this option period well. 7 days does not seem like a lot of time but with the right experienced Realtor and commitment from THE buyer principal all can be accomplished.
Thursday, June 30, 2011
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