Yippee! You found the house you love, wrote an offer, negotiated and you are now in the "option period". During that 7-10 day period, the most important thing to do is get a third party inspection. I like to get my inspections completed the second or third day of the option period. I will elaborate on that later. Some people have an inspector they know through past experience or I can recommend the person for the job. Not only do you want a property inspection from a very anal and precise inspector, but you also want a wood destroying insect report. This is usually called a termite inspection, but there are also other types of nasty bugs that can ruin a residence like carpenter ants. Inspections will usually run from $250-500 and up, especially if there is a pool involved.
Once the inspection is completed, the hardest part comes: the repair request. From my experience, there are two types of buyers: ones that nit-pick the little stuff and those that focus on the big stuff. I understand buyers want perfection. Unfortunately, perfection isn't real in real estate. Even brand new homes have doors that stick or a crooked face plate. Unless it's electrical, heating, air conditioning, foundation, roof or major plumbing, it can be handled for a few hundred dollars and a call to a local handyman. Is a loose hinge and a couple of GFCI plugs REALLY worth losing the house you love? Oh, and the reason I like having the inspections done ASAP is because if the AC isn't cooling properly, there needs to be some extra time built in to get a professional out to the house to clearly make a diagnosis. I don't like to be rushed and with this is a major financial purchase, I am sure you don't want to be rushed either!
What happens next? Tune in next time!
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