If the vacation home you are selling or buying has an inspection on the horizon, you might wonder what to expect next.
Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, discusses what happens after a home inspection is completed.
Once you have the inspection completed—according to your outline saying that within 15 days, the inspection will be completed—within that 15 days, we’ll also provide the seller with a copy of the home inspection report as well as a request for any repairs to be completed.
The repairs do not mean cosmetic repairs; instead, these are items that are truly deficient in the home. These are also not items that are older but working fine, but cover items are that defective.
After the inspection report has been completed, we will write an addendum that states, “upon receipt of the home inspection, we, the buyers, ask the sellers to correct the following items…“
We will then provide this document to the seller with a copy of the report. Then, the seller can come back to us within five days of receiving the report.
The seller will then state what they plan to do. The seller can say that they will make all the repairs, or they will do some of the repairs, but not all.
Another option is for the seller to provide a credit offer, saying that in lieu of repairs, they will offer you a credit of a certain amount. Alternatively, they could also say that they are not making any repairs.
At that point, the buyer gets back to the seller and 3 possible outcomes could happen.
- The buyer accepts the seller’s proposal and moves the sale forward.
- The buyer can say “NO” to the seller’s proposal if they want a bit more action from the seller.
- They could choose to cancel the contract if they are not satisfied and feel that it isn’t working. The deposit will then be disposed according to the deposit paragraph in the contract. A release by all parties will then be signed.
Have any further questions about this topic or anything else regarding buying or selling in Maryland or Delaware? Give us a call, and we’ll be happy to answer any questions you may have.