Now that we are under contract, the escrow process begins in your real estate transaction. The first critical step for a buyer is usually to decide on the necessary inspections for the home or property. This is a pivotal phase, as it will help you understand the condition of the property and identify any potential issues that might need addressing.
KEY STEPS OF ESCROW:
Choosing Inspections: With my guidance, you will need to decide which inspections you will want to have performed as well as determining what inspections may be required. Common inspections include general home inspection, pest inspection, radon testing, sewer inspection, irrigation system, gas appliance inspection, septic, well, pool, and, depending on the area, flood zone assessment or earthquake safety inspection and any municipal required inspections. Providing Recommendations: If you do not have preferred inspectors, I am happy to assist by recommending reputable and reliable inspectors with whom other clients have had positive experiences in the past. Scheduling Inspections: Once the types of inspections are decided, the next step is to schedule them. This needs to be done promptly as there are contractual deadlines to meet. It is highly recommended that you attend at minimum the general home inspection as this is a wonderful time to learn about maintaining the home in the future and discuss any areas of concern directly with the inspector. I can assist in coordinating with inspectors to schedule the inspections as we will need to arrange all inspections with the listing agent/seller and ensure everything is completed within the contractual timelines.
Reviewing Inspection Reports: After the inspections are completed, copies of all reports should be provided to both you and me for review, to ensure that you understand the condition of the property, including any repairs or maintenance issues. It is my job to help you understand the findings, prioritize areas of concern, and put them in the context of the overall purchase decision to determine the next steps. Negotiating Repairs or Credits: Based on the inspection results, you may need to negotiate with the seller for repairs or credits in lieu of repairs. Throughout this process, as your buyer’s agent, I will be advocating for your best interests, ensuring you are making informed decisions on the property you are purchasing.
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