The buyer who makes an offer on your house will often make that offer conditioned upon approving a home inspection and getting financing. While these procedures are pending, your house will remain on the market but any new offers would stay in a secondary position unless the first offer is terminated. In a seller’s market, you may have one or more inspections occur before the offer review date.
The buyer pays for the professional inspection, and we will let you know when it will be so you can make sure to have your house open for the 3 to 4 hours that the inspector, buyer and buyer’s agent will be there. If the inspection occurs after you are in contract, the buyer has a few days from the time the offer is accepted to complete the inspection process and notify you about whether they will request any repairs or not.
The purchase contract is also usually subject to the buyer getting fully approved for a loan, a process that generally takes around 30 days and involves the lender verifying the buyer’s financial status and getting an appraisal on your property. If the buyer is turned down for financing, the transaction is terminated. We make sure that the buyer was preapproved for financing before you accept their offer to ensure that they are likely to have their final loan application approved.