The Insider's Guide To Selling Your Home By Owner- Rocio Fausto I | Page 95

credit problems can be worked with, others can't. It usually takes
anywhere from 5 to 10 days to obtain a "home mortgage credit
report."
3. Inspections: If the buyer used an "Inspection contingency
clause," which usually provides for either a 10 or 15 day
inspection period, an appointment will be made with you or your
agent for the home inspection service to perform the inspection.
The inspection process usually takes 2-3 hours, and the
buyer may accompany the inspector. The home inspector will
bring a bag of many gadgets and will inspect everything from the
roof to the electric circuit box.
4. Inspection results: The inspection report is usually
delivered to the buyer or their agent within a day or two after the
inspection. The buyer will examine the report and will either
(1) Accept the premises "as is" and proceed with the sale,
(2) Accept the property with a condition that certain item (s)
be taken care off in order to continue with the sale. Sometimes the
items on the buyer's "punch list" may exceed the liability as
negotiated in the contract.
If this happens then you have a right to negotiate only to do
your share, or you may elect to do all the repairs, especially if
they are repairs that would need to be done anyway just to sell
your home. Sometimes, items may be listed that are not normally
the seller's responsibility, such as cosmetic items.
Or (3) the Buyer may elect to terminate the agreement
because of the inspection results. The Buyer has that right, if the
standard inspection contingent clause was used.
In most cases some negotiating will go on after the
inspection report is submitted. In some cases the inspector may
state that something is not working properly, when, in fact, it is
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