Short Inspection Period is Not Always A Good Idea

While a shorter inspection period may seem like the fastest way to a closing, it could have the opposite effect.

Consider the following 5 scenarios that we’ve seen recently:

1.) Mr. Rantzi (buyer) had a 5-Day inspection period. His Real Estate Contract was executed on Fri. He procrastinated over the weekend, contacted Sherlock Home Inspections on Mon & we were available the next day, but his Realtor wasn’t. Wed wasn’t the best for him, or the current tenants, but it was the last day of his inspection period. The tenants agreed to have the home inspected while they were at work, but they left a car in the garage (under the only attic access) & a large, mean dog in one of the bedrooms. So, Mr. Rantzi’s Realtor requested an extension of the inspection period, but it was denied by the seller. After speaking with the listing agent, Mr. Rantzi’s Realtor suspected that the sellers had received other offers.

2.) Mr. & Mrs. Thomas (sellers) thought that a 7-Day inspection periodwas plenty of time. The house they were selling was vacant & on lock box, so it was available for inspection at any time. Unfortunately, the buyers’ Realtor sent a Contract Cancellation the evening of day 6 with the explanation that the sellers were very unhappy with the inspector they hired & unable to schedule another inspection and receive their report before the end of their inspection period.

3.) Mr. & Mrs. Crupel (buyers) had a 10-Day inspection period. They signed on a Thursday, but wanted to be there for the inspection & weren’t available until the following Tuesday (day 5). Sherlock Home Inspections conducted an inspection & delivered a report that evening. There were a few issues with the property that we explained were minor, but they concerned Mr. & Mrs. Crupel, so they arranged for contractors to review the issues and provide repair estimates. By the last day of their inspection period, they were still waiting on a few estimates, but the sellers refused to sign an extension. Unsure of exactly what they were getting into, they felt they had no choice but to cancel the contract. Turns out, the repairs were a lot less than what they had anticipated, but it was too late.

4.) Mrs. Tanzik (buyer) had a home inspection the day after her Real Estate Contract was executed. Sherlock Home Inspections delivered the inspection report that evening. We suggested a Water Quality Inspection since the house was on well water, but she wasn’t concerned about it since her nephew was in that line of work. She was eventually informed by her Loan Officer that a Water Quality Inspection was in fact a condition of her loan, but her 10-Day inspection period had just expired. The sellers refused to grant access to the property & evidently received Mrs. Tanzik’s earnest money that was in escrow. The title company explained that the Real Estate Contract was canceled because she was unable to obtain financing, and that was not a condition of the contract. She is currently pursuing legal action against the seller, the title company, and her Realtor.

5.) Mr. Harsefeld (seller) refused to allow buyers 15 days to conduct an inspection, so they settled on 7-Day Inspection Period. The buyers found a few issues with the home which she agreed to correct. But, the sellers insisted that repairs be completed and a re-inspection conducted before the end of the inspection period. They agreed to extend the inspection period an additional 3 days, but not 8 (as per the 15 days they originally requested). Contractors ensured her a 6 day completion, but it wasn’t fast enough, and the buyers canceled the contract.

15-Day Inspection Periods are becoming the norm throughout Florida.