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Can anyone tell me the standard time for the inspection deadline in a real estate contract offer? Our realtor is telling us it is usually 7 days and never ever over 10 days and our financial advisor is telling us it needs to be 21-28 days. Both are adamant. We live in Washington State if that makes a difference.
In Arizona the standard in the contract is 10 days, but it can be negotiated. 10 days is sufficient for the most part, but some may wish up to 15 days if they are out of town and want to be present for the inspection.
For a fast close some buyers will opt for only 7.
Your Realtor will know more about what is necessary in your situation than your financial adviser. A good rule of thumb is to " Don't ask your Realtor for financial advice, and don't ask your financial adviser for real estate advice."
In CA the default on the contract is 17 days. If you are competing with other offers, a shorter time is more desireable to the seller.
Most my transactions, the buyer is able to get an inspector in within 2-3 days of finalizing the contract. That leaves plenty of time in a 10 day period to work out any issues.
We didn't ask a specific question but since buying a home has an impact on our finances, we naturally discussed it with our advisor. During our discussion, it came up.
We didn't ask a specific question but since buying a home has an impact on our finances, we naturally discussed it with our advisor. During our discussion, it came up.
I don't know the answer to the original question, but when you figure it out you should either by looking for a new RE agent or a new financial adviser.
Here in MA an inspection period is typically 7-10 days. Hopefully someone in Washington State will chime in with some local knowledge.
Quote:
Originally Posted by Sandhillian
We didn't ask a specific question but since buying a home has an impact on our finances, we naturally discussed it with our advisor. During our discussion, it came up.
If my plumber told me he thinks I need a new roof, I wouldn't listen to him. When it comes down to it, it sounds like you don't have a lot of faith/trust in your real estate agent. If you did you would take their advice because you trust they know what they are talking about. If that's the case it might be time to make a change. Also, give your financial advisor a call and tell him to stick to what he knows.
Bottom line, there is no nationwide standard for the inspection period. In Florida it is only 5 days by default. Ask your realtor what it is in your market.
It sounds like the number your finance person told you is for financing approval and not inspections. In my area, inspection periods are 5-7 days. During holiday periods like Thanksgiving and Christmas, we'll see 10 days appear in contracts. Finance approval is usually 15-20 days. I wouldn't "allow" a seller to accept more than that, as a buyer shouldn't need 21-28 days for a mortgage person to review a buyer's file (as it has nothing to do with appraisal, survey, or title).
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