The standard inspection period is 10 calendar days, although this can be curtailed or extended based on your needs. The inspection period is a time for not only general home and termite inspections, but to inspect any other items of concern to you. For example, you may be concerned about polybutelene piping, and want to know if the home has it and how much it would be to replace. This is the time to get the estimates. Or perhaps you want to know if a certain internet provider will service your new home, if the sun is blinding in the kitchens when you plan to make dinner, or if the neighborhood is loud on Saturday nights. Again, these are all things that you will want to research during this period, if you are concerned. We will discuss all the potential inspections and ways to get the information you need. In addition, we will assist in scheduling all the inspections and be present during the home inspection. Also, you will be able to examine the Seller Property Disclosure Statement, (also phonetically called the SPUDS) during this time and ask questions to clarify answers given on the statement. This document is provided by the seller answering a variety of questions about their knowledge of the property.
After inspections are concluded, the Buyers Inspection and Notice of Seller Response (BINSR or phonetically abbreviated to BINDSER by most agents) will be filled out and submitted to the seller. This document is where we will ask for any repairs or action you desire the seller to take. Timing is of the essence, as if the BINSR is not submitted to the seller by the end of the inspection period, you (the buyer) are agreeing to take the property as is. There is a 5 calendar day period in which the seller may respond to your requests, by agreeing or declining in whole or part. If the seller does not respond, they are indicating that they will do none of the repairs and take no action. You (the buyer) then have five days to decide if you are willing o accept the property in its current condition, or to reject the property and cancel the contract.
The inspection period can be a tedious time for both buyers and sellers, and many homes go back on the market after an inspection period where the buyer and seller cannot have a meeting of the minds.