How Long Do Sellers Have To Respond After Inspection?

How long does seller have to respond to inspection?

five days

What happens if seller doesn’t respond to home inspection?

Answer: Under the old Home Inspection Contingency, a Seller who wanted to void the contract would simply fail to respond to a counter-offer and the contract would automatically become void. Under the new Home Inspection Contingency, there is no automatic voiding of the contract by the inaction of the Seller.

Does seller have to make repairs after inspection?

Home inspection repairs that aren’t required

Cosmetic issues and normal wear and tear that’s found by the inspector usually don’t have to be fixed. Furthermore, “state laws may also impact your liability as a seller for any issues uncovered during an inspection.”

What fixes are mandatory after a home inspection?

Common seller repairs after home inspection

  • Major electrical issues that are safety or code issues.
  • Plumbing, drainage, sewer, septic, or water issues (or well water issues, if applicable)
  • Mold or water damage.
  • HVAC problems that affect home comfort.
  • Leaking roofs or missing shingles.
  • Termite and pest damage.

Does seller pay for repairs after inspection?

State laws, including seller disclosure laws, are the only instance where a seller is obligated to pay for repairs after a home inspection. For everything else, it’s up to the negotiations between the buyer and seller, and who pays for what depends on what is decided after the inspection report comes in.

Does the 10 day inspection period include weekends?

The inspection contingency is counted as follows: Day 1 = Thursday, Day 2 = Friday, Day 3 = Saturday, Day 4 = Sunday, Day 5 = Monday, Day 6 = Tuesday, Day 7 = Wednesday, Day 8 = Thursday, Day 9 = Friday, Day 10 = Saturday. The tenth and final day of the contingency period falls on a Saturday.

How do you negotiate repairs after a home inspection?

Your Options After a Home Inspection

  1. Ask the seller to make the repairs themselves.
  2. Ask for credits toward your closing costs.
  3. Ask the seller to reduce the sales price to make up for the repairs.
  4. Back out of the transaction (if you have an inspection contingency in place)
  5. Move forward with the deal.

What happens if Seller fails to repairs?

In short, if an Amendment to the contract regarding repairs has been executed then it is part of the contract. If the Seller does not follow through with repairs on an Amendment to the contract in the timeline specified in the Amendment, then the Seller would be in Default.

Can buyer back out after inspection?

Most of the time, the purchase contract will allow you an “out” if, after completing your home inspection, you decide the house just isn’t right for you. So long as you notify the seller of your intent prior to the deadline and by the method specified in the contract, you should get your earnest money back in full.

How do sellers negotiate repairs?

Here are three buyer tips for negotiating repairs after a home inspection.

  • Ask for a credit for the work to be done. The sellers are on their way out.
  • Think ‘big picture’
  • Keep your plans to yourself.
  • Eyes wide open.

What happens if seller does not make repairs before closing?

If the seller didn’t do repairs, yes you can refuse to close. You also need to look at what you lose if you don’t close. If you actually don’t close, you lose all your inspection money, appraisal money, and any money you put into the transaction.

Should you share inspection report with seller?

The inspector may not provide the report or even discuss the findings with the seller or listing agent unless the client were to provide written permission. The client is the one who paid for the inspection and signed the inspection agreement, so the inspector’s legal duty is to his client.

Do sellers have to make repairs?

If the Seller Refuses

Even if your requests are reasonable, the sellers may still reject your addendum. In most cases, the sellers have no obligation to fix anything. It’s possible that the seller won’t make repairs after the inspection and refuse to offer credit.

What should you negotiate after home inspection?

Push For Inspection Credits Instead of Repairs

When selling your home and subsequently negotiating home inspection items, you should always push for a closing cost credit or a price reduction whenever possible. You agree that repairs need to be made and offer to have them done before the closing takes place.

What will cause a house to fail inspection?

The most common repairs needed after a home inspection include: Roofing issues: leaks, missing shingles, full replacement needs. Electrical: not up to code, frayed wiring. Plumbing: leaking pipes, too small pipes, failing/non-working water heaters.

Can you negotiate house price after survey?

Negotiating the house price after a survey

If your survey uncovers issues, you can use it to renegotiate the price you’re willing to pay. Your offer is Subject to Contract (STC) and you’re not legally bound to buy the property until the point of exchange.

Who pays for home inspection if deal falls through?

A: An appraisal is not part of the closing cost. It has nothing to do with the seller, it is ordered by your Lender and payment is due regardless of the outcome. It is typically paid by the buyer unless specifically negotiated ahead of time to be paid by the seller.

Can a Realtor pay for repairs?

Answer. The short answer to your question is that yes, it is legal—in fact, it’s the industry standard—for your agent’s commission to not change despite all your unforeseen costs. Most often, these agreements state that the listing agent will be paid a percentage of the sales price of the property at the closing.