2. Credit Report: Although a simple “online” credit report may have been performed already on the buyer, the lender will order a special “home mortgage credit report,” which derives data from several sources. If there are any problems, your agent will be notified. Some credit problems can be worked with, while others can’t. It usually takes anywhere from five to 10 days to obtain a home mortgage credit report. 3. Inspections: If the buyer used an “inspection contingency clause,” which usually provides for a few days for an inspection , an appointment will be made either with you or your agent for the home inspection service to perform the inspection. The inspection process usually takes two to three hours, and the buyer may accompany the inspector. The home inspector will bring a bag of many gadgets and will inspect everything from the roof to the electric circuit box. 4. Inspection Results: The inspection report is usually delivered to the buyer or their agent within a day or two after the inspection. The buyer will examine the report and will either
(1) Accept the premises “as is” and proceed with the sale,
(2) Accept the property with a condition that certain item(s) be taken care of in order to continue with the sale. Sometimes, the items on the buyer’s “punch list” may exceed the liability as negotiated in the contract. If this happens, then you have a right to negotiate only to do your share, or you may elect to do all the repairs, especially if they are repairs that would need to be done anyway just to sell your home. Sometimes, items might be listed that are not normally the seller’s responsibility, such as cosmetic items. 89
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