The is the final part of a four-part series we have done on the home inspection process in Dubuque and what homeowners should know about it. In the first three articles in this series we talked a lot about the inspection process and the different documents a buyer & seller would need to sign to bring the inspection process to a successful conclusion.
To read previous entries in this series begin with The Home Inspection Process in Dubuque.
So let’s wrap this up with a recap of the important points.
- The inspection process will be beneficial for both parties – For the buyer, they will have the peace of mind knowing what the properties shortcomings are, and for the seller they will have the peace of mind knowing that they should not have to come back after the fact to make repairs etc.
- The key to a good outcome of an inspection is both parties knowing what the terms of the inspection document are and how to make them work- This can be accomplished by all parties reading the document in its entirety, noting dates and remedies etc. Key to this is making sure that everyone’s interpretation of the document is the same. This starts with the agent(s) making a complete explanation of the terms of the document to their clients and subsequently communicating with them as they attempt to fulfill the terms of the document.
- Knowing the most critical elements of the inspection addendum- In my opinion they are: If the buyer requests repairs etc. and the seller does not respond in the required time period then the seller is required to make the repairs requested. And, if the buyer does not respond to the seller in the required time period (after the inspection) then the seller is not required to make any repairs and the buyer is obligated to close the transaction.
So, here is what it boils down to-
- Have all parties to the transaction read the document?
- Do all parties understand the language in the document and the importance of complying with the terms of the document on a timely basis?
- Is everyone in agreement as to the interpretation of the documents language?
By now you are getting the idea that all of this depends on one person – the agent(s). And you are correct!! So, if you are thinking about doing a real estate transaction you need to choose the right agent.
If you want expert help with the home buying process, then contact one of the real estate agents at American Realty for help in the home buying process.