Inspection Period

hello hello hello friends this is your friendly realtors here in prescott arizona prescott pickle lady prescott pickle lady this is diana randall bro here today we’re in the arizona room uh which is a great little ballroom here in hasayamba yeah today’s uh hacienda filming yes you caught on to that yes but we love it here anyway so we are here today to kind of talk to you guys about inspection period election period inspection period is very important absolutely so once an offer is decided upon and get your earnest money in place yep you get your earnest money in place with your title company which time for due diligence put your uh money in escrows opened and then the 10-day inspection period yes start yes which is really cool so within 10 days you have your home inspection you have your termite inspection if you’re out in a remote area then you have your well inspection etc wells uh we typically give a 20-day inspection period so we get the water samples back they’re usually 10 but usually they’re 10. usually there’s no weld so yeah that’s done yeah so this is a very important time during that time if anything should change if you find something out during inspection that you don’t like that you can’t agree upon with the seller to either correct or give you some money towards that you know repair whatever whatever negotiations fall apart at that point within that 10 days you can easily walk away and still get your earnest money back yeah correct that’s basically what the inspection period is it’s your due diligence time so during that time you’re going to find out everything you’re going to get disclosures from the seller you’re going to have your inspection reports coming in uh you’re going to get hoa information all of this stuff yes uh insurance make sure you can get that property is insurable this is the time to do your due diligence you have 10 days to do it if there’s any reason at all why you decide you want to back out generally you can and get your earnest money back if you do it within the 10-day inspection period right and so during that time you’re also going to get what’s called the spuds and that is disclosures from the seller about everything that’s been done to the property or incidents you get your insurance claims reports which if they’ve had any kind of yeah so if if there’s a claim and it’s not on the disclosure shame on them that’s why they do that it’s kind of a check to make sure that you know oh they had the roof replaced but they they failed to disclose that well you’ll get the insurance claim so you’ll see that yes well one thing that you you should understand about the inspection period is it’s the time to do due diligence don’t try to do your due diligence before you go under contract you’ll lose the house okay yes go under contract then you get everything you don’t have to be a detective or any you know everything will be given to you will have all the information and if you decide to walk you get your earnest money back you’ll be out the money that the inspectors will cost you which you know we’re talking hundreds of dollars not thousands right and the other thing is once you do have all of your disclosures and things that need to be maybe that pop up during inspection then you go into your binzer period where you approach your buy your sellers and you say hey you know what i’d like this this and this address yeah and you come to it’s another very few homes are perfect uh and so generally there’ll be something that you want the seller to take care of and so you do that through a document that’s called the binzer it stands that benzer’s buyer inspection notice seller response and uh essentially it’s like another round of negotiations so you know this is what i’d like fix the seller says yes the seller says no the seller says there’s something in between right the seller offers you money instead of the repairs themselves all of this is essentially another round of negotiations exactly and if you can’t come to an agreement uh then you walk with your interests you walk with your owner’s money now here’s something very key if after the 10-day inspection period you have decided i’m going to stay in there hang in there and then day 20 you decide hmm i change my mind you will lose your earnest yeah then you probably lose at that point you will not have yeah that’s what the inspection fear is for so hit it hard yeah exactly that’s when you do your thinking exactly so i think that covers inspections what are your thoughts yeah i think so anything you’d like to add sounds a lot more complicated it’s really not it’s really not it protects i guess both sides yeah it definitely protects both sides and uh and we’re here to help you through it absolutely we’re happy to do that you don’t have to think oh my gosh i don’t know a home inspector i don’t have a termite guy we have all of that for you yeah we’ll get that we will help you every step of the way we’ll get you through the process we’ll help you if any any trouble comes up we will address it and help you and be your intermediary yeah absolutely so yes we’re happy to do that happy to be here happy to be of service so you can uh start your dream yeah absolutely here in prescott like we did absolutely yes absolutely all right this is diana randall bro you can find the chat pick a lady.com that’s us or 713-302-1964 houston number don’t let that fool you yeah don’t yep yep don’t don’t be thrown by that i’m not soliciting you all right all right sorta yeah but anyway we’d love to hear from you and we’d love to help you uh make your move move here smooth and an easy transition absolutely all right give us a call take care have a great day bye