Home building inspections in Philadelphia, PA, can be intimidating; what will be found is worrisome and what work will be needed can cause indigestion for sellers. Equally, what to do after the inspection can be confusing. While the inspection process is straightforward, what happens after is not always; here is some guidance on how to handle the post-inspection process.
The Inspection Report
It is likely the seller was given a basic, verbal rundown on needed repairs. This can happen during or at the conclusion of any home building inspections. In a few days, the buyer will receive a formal summary and will have some decisions to make.
The Inspection Report is delivered to the buyer. Depending on what is in the report and home inspection contingency (the addendum to your sale agreement that releases both parties from the sale if the inspection report or subsequent compliance period is not suitable,) the buyer can renegotiate or cancel the deal. They also can negotiate to have the repairs completed.
If the buyer has the report and the seller is waiting for any response, all repair work should cease unless the seller would do the work even if the sale falls through. Eventually, the buyer will submit to the seller a Buyer’s Request for Repairs with a copy of the existing or new home buildings inspection summary, called an Inspection Report.
The request will list the repair they want to be completed and a proposed time-frame. While the time-frame is usually negotiable, the buyer might put a caveat on the sale that states it will not be final until certain repairs are made. It also will state that an extended delay in getting the work completed or an outright refusal to adhere to the recommendations of the Inspection Report negates any prior agreement and opens the agreement up for negotiation or termination.
Once the Request for Repairs has been submitted, with the inspection report, the seller can decide to repair the items or discontinue the sale. A seller can make a counter-proposal regarding what should be repaired or any price fluctuations based on work done or not done.
Depending on how the Buyer’s Request for Repairs was received, a sale can move forward, be renegotiated or terminated. The seller can also do the repairs and the prior agreed-upon terms will apply unless renegotiated.
If you are worried about home building inspections in Philadelphia PA, you need not be. As is outlined above the process is straightforward from both a buyer and seller perspective.