Preparing for the Inspection... The ongoing saga
Preparing for the Inspection
(the ongoing saga)
(Ottawa, ON) By the time a First Time Buyer arrives for the building inspection of the home a bit of the lustre has worn off. When they signed the Agreement of Purchase and Sale they were on Cloud Nine. Sure they remember the talk of making the purchase ‘conditional’ on satisfactory financing and inspection. But now its days later and everyone has shared a horror story about the perils of buying a home.
Suddenly that mortgage is an impossibly huge, life changing nut. And why did the Seller accept the Offer? Am I paying too much? Did I leave money on the table (I love that expression). IS there a better home to be had?
So now they realize an inspection is the last hurdle; the last chance for them to declare ‘I’m in’ or ‘I’m out’. The inspector explains the process; that he will comment on everything and make note of any ‘issues’ so they will have enough information to base their decision. The next 2 hours can be totally exhausting as the Buyer follows the inspector around the exterior and then the interior; from the basement to the attic crawlspace. For the first time homeowner it can be a bit daunting. Who knew water should drain away from the foundation? Or that ducts need to be cleaned and furnace filters changed.
And if the building inspection uncovers a major ‘issue’ how will that be dealt with? Mutual Release from the agreement, approach Seller to rectify the problem or Amendment to the Selling Price.
It’s little wonder that no one goes crazy keeping it all together.
Gerard Windle is a Broker with Keller Williams Ottawa Realty.
He can be reached by phone 613-788-2107, email firstname.lastname@example.org or on his website, www.winprogroup.com