What You Need to Know About the Home Inspection Period When Selling Your House

Home InspectionsThe home inspection period begins the next day after all parties have signed the Purchase Contract and any Counters.  Typically the home inspection period is 10 days. 

During the inspection period, you must make your home available for the buyer to complete inspections.  You must also make sure that all utilities remain on at the property.  This is the buyer's time to fully inspect the house and the surrounding area.  It's important to give them full access.  This may cause some inconvenience and you may only receive a short notice for a last minute inspection, so it is crucial to stay flexible during the first 10 days to make sure you don't inadvertently cause any delays.  

If you completed a pre-inspection before you listed the house, you have a good understanding of the current condition of your home and it puts you in a better negotiating position.  However, that doesn't mean the inspection period is a done deal and in the bag.  The buyer may still complete their own inspections, including a full home inspection.  Be aware that the buyer may still find additional items or pertinent information about the house during this time.  In addition, the buyer may have specialized contractors come out to complete further inspections, such as HVAC companies or roofing companies during their home inspection period.

Per the Purchase Contract, the buyer may cancel during the home inspection period due to the inspection findings and receive their earnest money back.  Or the buyer may request repairs through the Buyer's Inspection Notice and Seller Response (BINSR) form.  All repairs must be requested at one time and within the inspection period.

If repairs are requested, the BINSR becomes the mechanism to negotiate the repairs.   If you choose not to correct or repair some or all of the items disapproved by the buyer, the buyer may cancel the contract and receive their earnest money back.  Sometimes a credit or price reduction will take place on a separate addendum to the contract in order for both parties to come to terms.  

If you have any further questions about the home inspection period please contact me at 623-252-9350 or cinda@wvhometeam.com.