PORTLAND, Maine (NEWS CENTER) - We've talked a lot about preparation for both real estate buyers and sellers this morning we look at what happens once a contract is made... specifically the due diligence/ inspection contingencies.
Technically speaking, most contracts have this section and it details the inspections and tests that the buyer has made the contract contingent against.
Inspections vary from General building, air quality, septic system, water tests... your agent can help you find inspectors for the various tests.
This is the opportunity to both learn about the house and see if there are things that need replacement or repair.
These inspections include a resolution timeline, in which the inspections need to be complete and any issues be resolved
So what happens when the test is done?
At this point the buyer has 3 options; walk away, move forward, or renegotiate
The 3rd can happens when what is discovered changes the value of the house... can be obvious like a furnace, or lots of little things... a buyer can ask for things to be fixed, replaced or a change in contract price. It's really about the surprises.... meaning to sellers, disclose everything you know about the house.
The less surprises a buyer has through the inspection process the less chances there will be any requests for a change to the contract.
And so a quick market update?
For Q 1, 2013 , Units sold is up 7.73% and Median price is up 4.52% over the same quarter last year.
Solid growth but consider that the numbers are at the state level and sellers and buyers need to look at town and even neighborhood specifics.