Market Wise Q&A: Making Time for Your Inspections Keeps Surprises Down
Q: We are in the middle of purchasing our first home and the inspection reports came back with lots of miscellaneous issues. The most alarm to my wife is the “section one” articles called out in our termite report. We are trying to get ahold of the inspectors by phone to discuss the reports; which does not make my wife feel any less anxious. In the meantime, what else can buyers do in our predicament?
A: Relax while you collect all the facts. It sounds like there was a host of all-too common missteps that will place perfectly good buyers and sellers in an equally common sleepless night mode. Clearly, the sellers did not provide pre-listing seller inspections, which has too many advantages to list; primarily ~ avoiding surprises. It also sounds as if you elected not to leave work for a few hours, and did not meet the inspectors you hired as they plied their trade on life’s largest investment. Nothing is more beneficial than a buyer learning about a property, onsite and face-to-face with various inspectors. The dialogue with inspectors physically pointing out “wart and all” can actually be calming. Conversely, those very same reports, (often emailed or received after hours), would read alarming enough to ensure a night of fractured sleep.
Plan time off away from work to visit this property with your agent and an inspector or two. There usually is a small charge for an inspector “walk-through.” Be careful of the calendar days clicking away. So, have your agent make the necessary steps to extend your investigation contingency. Do not let timeframes come and go. Stick to your purchase contract deadlines or get extensions. Any negotiations or re-negotiations should be initiated in a timely manner.
All that is provided you had a contingency period. The contingency period allows the buyers to cancel the sale and retrieve their deposit.
But first, gather all the information and brainstorm all the options with your buyer’s agent; and then decide if you’ll live in that home or shop for another.
Do you have any real estate questions? If so, Contact Pat Kapowich, REALTOR® at Kapowich Real Estate, (408) 245-7700 or Pat@SiliconValleyBroker.com
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In 2014, Pat was the Santa Clara County Association of Realtors “President’s Choice” Award Winner. “For demonstrating the principles of good real estate practice among brokers; for promoting and protecting home ownership and property rights for all; and for distinguished service to the members of the Santa Clara County Association of REALTORS® and the community at large.”