Step 12: What is the Inspection Contigency Period?
To make your offer more attractive to sellers you can shorten the inspection period. Before we get into shortening though, let’s talk about the inspection period as a whole. As a buyer it is important that you do your due diligence by having all the inspections that may be needed (side sewer if in tacoma and septic if applies) completed. By default, you as the buyer have 10 days after mutual acceptance to have the inspection ordered and completed (again, we can handle scheduling it for you as well). This is important to have done when purchasing a home because you can ask the seller to fix items on the inspection report that come up, or ask for concessions at closing so you can fix the problems yourself. If you do not have a inspection completed during the default 10 day inspection period, then the inspection is deemed waived and the seller is not obligated to make any repairs or modifications.
Earlier we mentioned that you can make the inspection period shorter to make your offer more attractive. An example of this would be asking for a 3 day inspection instead of the default 10 days. It makes your offer more attractive because it shows your seriousness for wanting to move forward with this purchase. The faster you have the inspection completed, the faster the negotiations will go, thus getting any needed repairs done sooner, etc. It makes the whole process move forward faster which means the faster the seller gets their money and the faster you can be in your new home.
After the initial inspection is completed, you may notice that some additional inspections may need to be done. In that case you may have these inspections done on or before the end of the initial inspection period. You as the buyer have 5 days to complete the additional inspections after giving timely notice. You can also shorten this period if you feel it is needed, but 5 days is the default.
Now that we have the home inspection scheduled, there may be couple other inspections that need to take place!
Connect with the Pierce County Real Estate Team
- Step 01 - Hire a REALTOR
- Step 02 - Home Buyer's Checklist
- Step 03 - Get Preapproved for a Mortgage
- Step 04 - Prepare for Earnest Money Deposit
- Step 05 - Get Down Payment Ready
- Step 06 - Finding Your Dream Home
- Step 07 - Schedule a Time for Showings
- Step 08 - Make an Offer
- Step 09 - Review Seller's Disclosure
- Step 10 - I Have an Offer Accepted, Now What?
- Step 11 - Schedule the Home Inspection
- Step 12 - What is the Inspection Contingency Period?
- Step 13 - Schedule the Side Sewer Inspection
- Step 14 - Schedule the Septic Inspection
- Step 15 - Tips for Attending the Home Inspection
- Step 16 - Read the Inspection Report
- Step 17 - Review Supplementary Documents
- Step 18 - Don't Spend Extra Money
- Step 19 - Give Notice to Your Landlord
- Step 20 - Schedule the Closing Date on Your Calendar
- Step 21 - The Appraisal
- Step 22 - Hire Movers and Start Packing
- Step 23 - Hook Up Your Utilities
- Step 24 - Set Up Homeowner's Insurance
- Step 25 - Do You Want a Home Warranty?
- Step 26 - Secure Your New Home
- Step 27 - What is Clear to Close?
- Step 28 - Attend the Walk Through
- Step 29 - Wire Your Down Payment
- Step 30 - Attend Closing
- Step 31 - Wrapping Things Up
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