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When buying or selling a home, the first five business days after going under contract can be the most overwhelming.
Going under contract means both parties accept the terms of the offer, sign the contract, and notify the respective parties, including real estate attorneys. This period, known as Attorney Review, includes the inspection and any negotiations that may arise from the delivered report.
The inspection is completed to help buyers evaluate the overall condition of the property. Because not every offer includes an inspection, it is the responsibility of the buyers to schedule. It is critical for buyers to hire a licensed inspector because they’ll be evaluating the major interior systems and the exterior of the home for potential safety hazards and/or defects. The interior inspection looks at the HVAC system, kitchen appliances, plumbing, etc. The exterior inspection examines the roof, water pooling, and foundation. Hazards or defects that are seen by the inspector, or those that may arise in the future, are compiled and then delivered to the buyers. The sell side will only find out about issues that are brought up during Attorney Review negotiations. During negotiations, the sellers have the option to offer a monetary credit at closing, repair the issues, or leave them as is.
To prepare your home for an inspection check the following:
– Electrical panel is easily accessed
– Outlets are accessible for testing
– Replace broken outlet faceplates
– Install new heating & ac filters
– Provide system maintenance paperwork
– Change burnt-out lightbulbs
– Replace fire and carbon monoxide detector batteries
– Organize items stored in the utility room
– Shovel or sweep driveways, paths, and entrances
– Secure pets in a crate or take them with you when you leave
Although this list is not exclusive, it will provide a good start for some common issues that arise during a home inspection.
Takeaway
For buyers and sellers, the Attorney Review period can be overwhelming. The buyers are looking for confirmation they’re buying a sound home and the sellers are having their home’s flaws pointed out. But, being organized and taking time to prepare your home for an inspection can alleviate some of the stress.
If you have questions about the selling process or preparing your home for an inspection, contact me at 630.272.6591 or at shannon.lucas@cbrealty.com.
#ShannonLucasHomes #RealEstate #DownersGrove #Realtor
