How does this home inspection process work, anyhow?


How does this home inspection process work, anyhow?
By Scott Rogers • March 5, 2012
Here's a reminder of how the typical home inspection process works in Virginia.... And a brief reminder of a few of the timing issues..... When completing a home inspection contingency (to the contract) a number of days will be filled in (10? 14? 15?) that will dictate the timeframe in which the buyer must inspection the property AND report back to the seller as to any deficiencies found. If the inspection shows the need for a further inspection, an additional five days can be tacked on for such secondary inspection. After the seller has received the response from the buyers, they have 5 days to respond. If the seller doesn't agree to perform all repairs, there will be a 5 day negotiation period. If the buyer and seller haven't agreed by the end of the negotiation period, the buyer has 2 days to decide whether to continue with the seller's last offer of repairs, or to terminate the contract. To map this all out, here's how long a home inspection contingency could really take.... May 1 - ratified contract with 14 day inspection period May 15 - inspection, showing the need for further inspection May 19 - further inspection May 20 - repairs requests to sellers May 25 - sellers respond May 30 - end of negotiation period June 1 - final response by buyer Yes, that innocuous 14 day inspection contingency can really turn into a month! Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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