Richmond VA Real Estate - The Home Inspection

Richmond VA Real Estate - The Home Inspection

Richmond VA Home Inspector, Capitol Home InspectionsYou found the best Richmond real estate agent, you scoured your desired locations, and you finally found THE ONE to call home. You put in an offer and the next thing you know you are RATIFIED! Congrats! So, what is next? One of the first things you will do as a home buyer is perform a home inspection, if you elected one in your purchase contract. (I sure hope you did!) The time period is negotiated in the contract, but a typical amount of time is 10 days. Within those 10 days after going under contract you must perform all inspections (physical home inspection, radon inspection, structural inspection, or what have you), review your reports, have your Richmond VA Realtor write up an addendum of your request for repairs, and submit it all to the listing agent who is representing the seller. What is important to remember about a home inspection is what we call THE BIG STUFF. Every home, no matter if it is 50 years old or is new construction, will have items that need repaired. All homes have STUFF. When you are deciding what to ask the sellers to repair, focus on the important items: safety items, electrical items, plumbing issues, and structural concerns. This is not the time to ask for a torn screen to be repaired or have the seller repaint a room. Those are cosmetic items, not defects. The goal is to create a win-win for all parties involved. Give and take. After you narrowed down your requested items and your Realtor has submitted the addendum to the listing agent, the seller will have 7 days to respond and negotiate with you as the buyer. It is important to remember that no party can unilaterally cancel the contract within the negotiation time. This means you will try to come to a meeting of the minds up until the negotiation period ends. If all parties have come to an agreement, that is fantastic and all may proceed to settlement. If the parties can not come to an agreement over repairs, a release of contract may be used to terminate the agreement and everyone may part ways. When asking for repairs, I suggest you have your agent write into the addendum that all repairs are to be done by a state licensed contractor with receipts provided to you at least 5 days prior to closing. This way you will know who is doing the work and will have documentation of the work performed. Have additional questions on the Richmond VA real estate market or home inspections? Give me, Shannon Milligan at the RVA Home Team with eXp Realty, a call today! I am happy to explain the home buying process with you! Richmond VA Area Home Search

Discussion

#1 By Ernie Rogers at 1/15/2018 5:12 PM

Shannon, I just wanted to let you know that one of your blog posts from 2014 actually answered a question I had today! I have a situation where the home inspection was done and the buyer now wants out. The Buyer's agent sent me over the home inspection, but no Addendum, and then sent me a Release and Termination saying the buyers no longer wanted the property. I then called her and told her I wasn't trying to be a "prick" but according to Paragraph 16 of the CVRMLS contract, her client can't just say I want out and terminate without sending me a list of items, cost to cure, and the home inspection. If we cannot agree, then we can terminate. Anyway, I then "Googled" it and found your blog from 2014 and you wrote " It is important to remember that no party can unilaterally cancel the contract within the negotiation time. " You are so right and I thank you! You and I have not met in person, we have talked via FB and you met my wife at Wegman's Pharmacy. I used to be at KW in Midlothian, but now I do most everything with United Real Estate (John Finn) which is part of United Country Real Estate. I do real estate auctions with United Country Real Estate, so if you ever have a scenario where "auction" comes into play, please let me know. I pay referral fees. Best regards, Ernie

#2 By Shannon at 1/16/2018 -2:14 PM

Thanks, Ernie! Glad you found the article helpful! That's exactly why I write these!

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