We are so excited to find that most of our properties are selling quickly and some in multiple offers! Next step? Inspection! The inspection period can cause a bit of nervousness for sellers once the elation over securing an offer on their property is passed. Here, we will explore some of the dynamics of the home inspection that you will want to be aware of when you get to that step!
Timeline: The Minnesota forms have been updated to allow buyers to request a number of calendar days for them to complete the inspection and all negotiations. We often see a 10-day timetable for inspections, though this can vary, based on how the buyer’s agent writes the offer.
Access: Many buyers attend their inspection with the inspector and they will appreciate the seller being away from the home for the inspection. Some buyers
request a radon test to be completed and a radon tester will be dropped off a few days prior to inspection. A seller does not have to be gone for the drop off. For more information about radon please email us at Admin@SadatSells.com and we will send you a document about radon.
Negotiation: Much like the Purchase Agreement negotiation, the buyer can request items to be remedied and the seller has 3 options: Accept, reject or counter with changes. Most buyers are looking for major health and safety issues and not cosmetic issues in an inspection.
Cancelation: Can a buyer back out during the inspection period and receive their earnest money back? Yes (usually), in the state of MN, if you do not reach an agreement on the items requested by the buyer or if the buyer simply decides they would like to cancel their offer, they can do so within the inspection timeline and the language states that they will receive their earnest money back-you can consult an attorney if there are struggles with this.
Next Steps: Once the inspection is completed and all has been agreed to… Celebrate that you are on to the next step of selling, usually appraisal, if the buyer is going to be financing the home with a mortgage.
These are the basics of inspections in Minnesota. Wisconsin procedures are slightly different, but not too difficult to navigate. Call us to discuss these and to get your moving process moving; we are happy to help!
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