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Home Inspection and Other Tests
Once you have mutual acceptance your next steps will be driven by the
terms on the agreed contract. The first item to deal with will usually be the buyer's
inspection. The inspection is a right of the buyer and is usually conducted within 10 days
after the offer is accepted. The purpose of the inspection is to provide the buyer with
knowledge and assurances about the condition your house. In many cases, the mortgage
company will require an inspection to be preformed by a licensed inspector prior to
approving the loan. Either way this is one of the contingencies that if not met to the
buyer's satisfaction will allow him/her to legally break the contract for good cause.
Inspectors are independent contractors whom are hired to give an accounting of the
condition of the house. Inspections can be limited to a visual inspection or as detailed
as a structural one with written analysis and recommendations for items needing repaired
or updated. In both cases, you and the buyer should have sufficient knowledge after the
inspection to decide what items you will agree to repair (if any) or if the house will be
sold in its current condition. Once again the language in your original contract will
govern the buyer's and your response and time limits.
Also around this time, the mortgage company or bank that the buyer is working with will
conduct what is know as an appraisal of the property. This will be done by an independent
firm specializing is residential appraisals. They will visually inspect the house and use
sales data for similar houses in the area of the same age, condition and features, and
arrive at an independent market price for the house. The bank will use this as the basis
for justifying the amount of the loan. In most cases, this amount will be very close to
your agreed price with the buyer. In some cases, homes may have sold for a price well above
the value of the house as it compares to comparable properties in the area. If this is the
case, the bank may not loan the buyer the sufficient amount to close on the property and
you may be asked to renegotiate the price of the house with the buyer or for the buyer to
come up with more cash down.
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Contact Information
Phone: (360) 424-1111
Toll-Free (800) 299-0282
Fax: (360) 424-9212
120 E. George Hopper Rd.
Suite 100
Burlington, WA 98233