Private home inspectors perform optional inspections that are usually paid for and directed by a homebuyer. Typically, the homebuyer makes an offer on a home that is contingent upon a satisfactory home inspection. The buyer will then find a private inspector, and have the inspection done within 48 to 72 hours of their offer being accepted. If the buyer is satisfied with the results of the inspection, they will remove the contingency and the sale will proceed. If the inspection uncovers a problem that the buyer is not willing to accept, the buyer has three options:
· Terminate the purchase agreement and receive their earnest money back,
· Ask the seller to correct the problem, or
· Ask the seller to pay for a portion of the cost to correct the problem.
The seller should make sure that the inspection contingency requires the inspection to be completed quickly and that the buyer must decide quickly, so that the home does not stay off the market for a long time while the buyer has not fully committed to buy the home in its present condition. The standard inspection contingency form contains a paragraph where the buyer and seller must agree on how quickly the inspection must be completed and the problems agreed to or the home goes back on the market. What to do if the buyers finds a problemIf the buyer asks the seller to pay for some or all of the repairs, the seller has three options:
· The seller can agree to correct the problem,
· The seller can agree to pay for part of the cost to correct the problem, or
· The seller can refuse to pay for any corrections.
If both the buyer and seller refuse to pay for the problem and the buyer will not accept the home in its current condition, the seller should immediately:
· Obtain a signed agreement from the buyer that cancels the purchase agreement,
· Return the seller's earnest money (only after the signed cancellation is received), and
· Put the home back on the market for sale