You have gotten your future home under contract! Now what?

After your offer is accepted, you now have a deadline for a couple things including submitting a deposit, getting a loan approval letter, your DDI period, etc. 

A DDI period (Due Diligence and Inspection Period) is the time to do your research and homework on the property that you are about to own. This is when you confirm the schools, flood zones, tax information and uncover the exact condition that the house is in. 

When you were viewing the property while touring, you may have seen some chipped paint, a dent in the wall, or a cracked title, an inspector is going to see the real defects, the things that might cost you money six months after you get the keys.

You may be thinking that seller(s) should have disclosed all defects, which is correct. But seller(s) are required to disclose all KNOW defects and they may not be aware of all defects. This is why it is so important to have an expert check everything out for you. 

A licensed home inspector is able to give you the entire picture of the state of the house. After they inspect the property, they will deliver a detailed letter with every defect, big and small. 

With the inspection report back, the floor is open for more negotiations. You may ask for the seller(s) to fix certain things, concessions, or for the sales price to be lowered. The seller(s) have the choice to accept, counter, or reject your requests in the response to inspection. If your report comes back and uncovers defects that you were not expeting and do not want to take on for repairs, you are able to back out of the contract and get your deposit back if you are still within your DDI period. 

If you are looking for a real estate agent that is going to keep track of all deadlines, scheduling, and walk you through the home buying process, contact me!