Friday, February 22, 2013

closing date flexible? - Zillow Real Estate Advice

Each state has different rules for how the process works. However, yes, she should have the option to do the?inspections before she closes. Her agent should be able to explain to her the process and timeframes. For instance, in California,?buyers typically have 17 days from acceptance to do their inspections. If within those 17 days, the buyers decide that they don't like what they find, then they can walk away. If the buyers do their inspections, then remove their contingencies, at that point they are committed to the property and the deposit becomes nonrefundable.?

It's extremely important for her to get?her inspections done as soon as possible especially if she wants to do any further negotating with the seller on repairs, a credit or a price reduction. If she's looking at a single family home, I would always recommend a home inspection and a mold inspection. The home inspection will give her a general understanding of the roof, foundation, plumbing, electrical, appliances, HVAC, fireplace, etc. The mold inspection focuses on water/mold issues. So many buyers don't do a? mold?inspection, but it's so important. Water is absolutely damaging to a home and so many times there can be leaks or mold problems that the homeowner is not even aware of. I have all my buyers do a mold inspection. And depending on the age of the home and the existence of large trees on the property, I also suggest a video sewer line inspection which will let you know if there are any obstructions (such as tree roots) or clogging issues. Replacing a sewer line can be expensive and it's a good idea to know up front what you're dealing with.

Source: http://www.zillow.com/advice-thread/closing-date-flexible/479695/

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