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Tuesday, August 02, 2005

New Contract Does Not Change Standard Inspection Period

I was a little disappointed to see that the new AAR Residential Resale Purchase Contract (5/05) did not extend the standard 10-day inspection period out a little, say to 14 days instead.  As Co-Owner of Homewerx Home Inspections, an Arizona home inspection company, I know that recent licensing requirements caused many home inspectors to go out of business.  The home inspectors that were left became extremely busy.  Many of the good home inspectors book up more than 10 days out, making it nearly impossible to get an inspection within the standard 10 days allowed by the contract.  And if the inspector refers the buyer to other experts for further evaluation, forget it!  Of course, the contract provides an easy method for the real estate agent or buyer to change the inspection period by simply writing in a longer time period.  However, then the buyer risks losing the deal if the seller doesn't want to take their house off the market that long.  I think sellers would be more OK with a 14 day inspection period if it was the standard.  But with a 10 day standard, if the buyer asks for 14 days, I think the seller is likely to think the buyer is asking for too much time.

I can certainly understand the other side of the coin as well.  From the seller's point of view (and don't forget the seller's agent's point of view!), even 10 days is a long time to take a house off the market in today's hot real estate market.  But at the same time, the buyer's have a great deal of inspecting and investigating to do in just 10 short days.

Obviously, if you are a buyer and you feel that you need (or want) more than a 10 day inspection period, be sure to let your real estate agent know so they can write it in the contract for you.  And be sure to have an inspection.  For more information about home inspections, visit www.home-werx.com!

Visit Shannon Hubbard's Home Page     Written By: Shannon Hubbard
Realtor-Investor

Great American Realty, Inc.

Cell: (480) 695-6672
Email me

Posted by Shannon Hubbard, AZ Realtor & Computer Guru on August 2, 2005 | Permalink

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