The days connecting the accepted offer to taking physical possession involve two primary tasks for buyers.
One is remaining convinced that they want to move forward; the other is proving they can finance the sale (lender financing includes getting a mortgage commitment, and then the loan).
The sales contract provides both the buyers and the sellers “opportunities” or “contingencies” to exercise due diligence.
They can select different options and then utilize or waive them. These options provide specific rights to each side — including terminating the sale. Failure to comply with the terms of the contract may have legal ramifications, including the loss of earnest money on deposit.
Once we have a fully executed contract, various time frames start ticking.
The home inspection contingency is typically the first contingency on the timeline, and it may include an inspection of the whole property as well as specific tests for wood infestation, radon, well, septic and other issues ultimately affecting buyers’ willingness to move forward or the sellers’ financial ability to address concerns.
The inspection results are “relative.”
Relative to what?
What did the buyers see, think or know at the time of their offer? Were any issues obvious, expected or unknown?
The inspection results are a prism through which buyers will re-evaluate the offer.
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