Once your offer has been accepted, your inspection period begins. Typically lasting 5-10 business days, the inspection period (also called due diligence) is your time to gather all the information you can about the property that could potentially be your new home. Through inspections, public records searches, and discussions with contractors, you can determine whether or not you would like to move forward with the purchase of the home. The inspection period isn’t very long, so you have to move relatively quickly.
Home Inspections. First on the agenda are your home inspections. It is a good idea to have chosen your home inspectors in advance so they can be scheduled immediately. Your agent can help schedule the inspections for you, will arrange access, and most likely attend. For more information about home inspections, take a look at our blog post on the subject.
Contractor bids. If there is anything you know is going to need a professional opinion, go ahead and get that scheduled right away. Best to know just how much a repair is going to cost now rather than after you become a homeowner.
Title search. During this time, review the preliminary title report prepared by escrow. If anything seems concerning, ask about it.
Negotiation. After the inspections and bids are complete, you and your agent will work to put together the terms you wish to proceed under. Almost always, this is a request that the seller will either make repairs before closing, reduce the price, or both. The seller will respond and you’ll negotiate back and forth until you reach a mutual agreement. If you cannot agree and do not wish to move forward, this is the time to terminate.
In the highly competitive real estate market that we are currently experiencing in Portland it is really easy to lose sight of potential issues in the excitement of having a winning offer. Go ahead and celebrate, but just be sure to gather all the facts you can. Your Scout agent will, of course, be able to answer any questions you may have and help guide you through the process of due diligence so you can be sure you are getting the best house for you!