Hi, I’m Sophia Sanchez, Tampa Real Estate Broker with my daughter, Ava Sanchez. Today we’re going to talk about what the buying process is like after the home inspection.
Alright, so let’s pretend you’re the buyer, you’ve picked out this amazing house, and you want to buy the house. So you write the offer, it goes under contract, and you’re scheduled to buy it. What would be your biggest fear of buying the house? Well remember the movie The Money Pit with Tom Hanks? Your biggest concert is probably buying a house and it falling apart. So everyone has different risk tolerance. That is what an inspection is for.
You might just be planning on painting or buying new appliances where somebody else is willing to take a property all the way to the studs and do all of the electrical and plumbing. But heads up, there are absolutely going to be things wrong with the house. Absolutely. At least two or three things. Even if it’s new construction and it’s brand new, there’s going to be something that comes up on the report.
We have different types of purchase contracts in Florida, but you’re likely going to have a period of due diligence to get your inspection done and to figured out any issues. There are a few different ways to figure things out in a way that will work for the buyer and seller like, do you have two or three plumbers come in to give you an estimate and chose a quote? But there will be a time period to figure out how much things will cost and if the home can get insurance.
In regards to insurability, there are certain types of plumbing that are not insurable, like polybutylene piping from homes in the mid 90s, or if there’s an electrical panel that’s on the blacklist. If any of those issues come up and you can’t get a passable four point, you’re going to have an issue with insurance which could lead to problems with your financing. But there are several things that you have to navigate through. I always say it’s like a chess game. You have to figure out what you as the buyer are comfortable with and if you have the financial resources and time to be able to invest into the property.
Inspection periods tend to be seven to 15 days and it is is all inclusive. If something comes up like maybe the inspector couldn’t get under the house for whatever reason, well, you’re probably going to have to extend the inspection period because the buyer might want to see the structural integrity under the home.
So it’s a chess game kind of maneuvering the insurance requirements, the lending requirements, and of course, what’s important to you as the buyer and then what the seller is ultimately willing to do as well. So kind of having to come at it from all angles. I hope this was super informative. If you have any other questions, please send us an email and we’ll get back with you as soon as possible.