When buyers make an inspection contingent offer they need to specify how long the inspection period will be. I encourage my buyers to ask for a ten-day inspection period. Often sellers prefer a shorter period and will counter.
Sellers mistakenly believe that a shorter period is in their best interest. If something goes wrong they can get the house back on the market quicker and perhaps get another offer.
A shorter inspection period for the buyers also means a shorter period for the sellers. If the buyers are unable to get an inspector because inspectors are super busy during the home buying season the inspection might be scheduled on day 4 or 5.
If the buyers find an issue the sellers might not have enough time to find out how much a repair might cost or do any research to find out if the repair is needed. Sellers may end up saying yes or no to a repair that ends up being expensive or unnecessary or both.
When the inspection period is too short and sellers agree to repairs without at least researching the cost or checking to see if there is someone who can do that work they may be in for a surprise when they get the bill or find out that the work can not be completed for months.
This time of year contractors and inspectors are busy. Getting work done can be a challenge and getting an estimate quickly isn’t always possible.
Inspections slow down the home buying and home selling process but they also help protect both buyer and seller. After the inspection, all parties have an understanding of the condition of the house.
Either party can ask for an extension of the inspection period during the inspection period if needed.