Have not hear back from buyer inspection, is this a concern?

Question

So I am selling a home and the contingency inspection period ends today. The buyer inspected the home on Tuesday, but I haven't heard anything in from the inspection or if they want any repairs or anything. Is this a concern? Or is this normal? Or should I look for another buyer, we have been under contract for ~ 2 weeks now.

Nathan Gesner · Answer

If the deadline is reached without any communication, you can assume it's heading towards closing. Of course, it could also mean the buyer has changed their mind and hopes the lack of communication will kill the deal so they can slink off.

You should have a REALTOR that can help you navigate this. It sounds smart to sell on your own and save some money but it's just as likely to cost you more.

Theresa Harris · Answer

Do you have a realtor or do they?  If so, contact your realtor and ask them to contact the buyer's realtor.  Otherwise, call them tomorrow and ask if the conditions can be removed.

Joe Cassandra · Answer

Usually not normal unless you are in a hot market with tons of offers.

Even still, in a retail purpose, their RE agent wouldn't be worth their salt if they didn't ask for something.

In order to terminate, they have to send you a signed form to release earnest money.

If they don't do that, the inspection period automatically closes.

I WOULDN'T reach out to them. If they forgot the inspection deadline, that's their problem. Obviously, there are other ways to weasel out of a deal, but I would never approach them to say "so, what repairs do you want?"

Only question you ask is "how is the loan process going?"

Charlie MacPherson · Answer

@Robert Hernandez What does your contract  say?  That's the one and only governing document.  It should specify contingencies, deadlines and remedies for default.

If the due diligence deadline stated in the contract has come and gone, then those due diligence items can no longer be used as a means of terminating the contract and protecting the buyer's deposits.What other contingencies are in the contract?  Probably financing, right?  If their loan is denied, they can still get out and get their deposits back.  Be sure you talk to the lender to verify it and get written confirmation.

Is there a home sale contingency?  Is that date still in effect?  Other contingencies?

You get the idea.  READ THE CONTRACT!  And if you don't have a competent Realtor representing you, now you know one more reason why you should.

Pat L. · Answer

We had a delay in better times (2019) whereby the Inspection was done & the buyers attorney wanted signed off permits from the Town Bldg Insp. That took a couple of weeks but at least we were informed that it was occurring but not why it took so long for the Bldg Inso to respond to the request.

Karen Margrave · Answer

You don't say what state you are in, and they all have different time frames for inspections, and processes for requesting repairs. Call your agent and find out what the time frames are, and have them call the buyers agent to find out if they are requesting repairs, etc. and moving forward.

Andrew Syrios · Answer

I would definitely contact your agent (or there's if you don't have one) and ask for an update. That being said, if they don't get back to you or ask for a discount/work to be done/cancellation, their earnest money "goes hard" and is no longer refundable. So worst-case scenario, if they did just disappear, you should get the EMD.

John Teachout · Answer

You don't look for another buyer while you're still under contract. If the contingency period is expiring, I'd assume it's moving towards closing. Since it's a weekend, you may hear something on Monday. Did you have any back up offers? If not, try to make this one work.

Aaron K. · Answer

It is probably either a really good thing (they have no need to ask for repairs) or a really bad thing (they no longer want the property and are planning to back out).  Get in contact with them and ask to find out.

Have not hear back from buyer inspection, is this a concern?

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