4 Reasons to Schedule Your Home Inspection ASAP
If you are buying a home and are wondering when you should schedule your home inspection, the answer is as soon as possible! When you submit an offer to purchase a home, have an inspection contingency, and the seller has accepted, you should order the home inspection right away. Here are 4 reasons why this is important.
Timing in real estate transactions is extremely important. Missing contractual deadlines can postpone your closing date or worse, kill a deal all together. There is actually a legal phrase within real estate contracts called Time is of the Essence. This means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. Failure to act within the time required constitutes a breach of the contract.
In Wisconsin, the time frame is written into the offer to purchase. The buyer has a certain amount of days to have an inspection, any follow up inspections, and respond to the seller with a notice of defects. If they don’t complete all of this within the contracted time frame, the inspection contingency is deemed satisfied, which can mean you lose the right to request any repairs or changes to the purchase price based on the home inspection. This, of course, can cause major problems.
Keep in mind that an initial inspection may require follow up. For example, let’s say you wait a little too long for your home inspection and they find that the furnace is very old and may need a closer inspection. You may not have time to request further inspection by an HVAC contractor. While some sellers may be willing to provide extensions, others are not as accommodating.
Scheduling your home inspection right away will leave you plenty of time for any needed repairs. In the Wisconsin offer to purchase, the buyer can give the seller the Right to Cure. This means the buyer wants to negotiate terms including price or repairs with the seller if defects are found during the inspection. If you have given the seller the right to cure, they may need time to get estimates, choose contractors, and schedule those repairs. The earlier you discover any issues, the sooner the seller can cure the issue. Doing the home inspection as early as possible keeps the real estate transaction on schedule.
If the buyer gives the seller the right to cure, there will be more negotiations. Will the seller fix the issue, or will the purchase price be amended? Will the seller fix any issues to the satisfaction of the buyer? Do follow-up inspections need to be conducted? Often buyers are excited about the new home and feelings can often affect negotiations. If you are under a time crunch with a deal on the line, will you make the right decisions when negotiating these terms? If you get the inspection early, you should have plenty of time to make rational decisions and timely requests.
Quality home inspectors are often booked pretty far ahead, especially in the busy season. If you schedule your appointment right away, you have a better chance of getting a quality home inspector to complete this extremely important part of the real estate process. If you wait too long, you may have to choose a home inspector that isn’t busy, which can be an indication of their skill or experience. Choose carefully and early to keep your home buying process on track!
Real estate transactions can be very confusing. An experienced, licensed realtor can guide you through the process and timing of it all. Just remember that time is of the essence, repairs and negotiations take time, and choose a quality home inspector early in the process.