Solace for Anxious Sellers, Post-Inspection

The Waiting (In Between the Buyer’s Inspection and Their Follow-up)

“If Buyer does not cancel this Purchase Agreement before the end of the Inspection Period, then this Inspection Contingency shall be removed and this Purchase Agreement shall be in full force and effect.”

–Minnesota Purchase Agreement, lines 189. – 191.

Anxious Sellers fretting about what the Buyer’s inspection turned up (if anything) can comfort themselves with these two thoughts:

One.  No news is usually good news.

Put it this way:  when the inspection is a disaster, Sellers usually hear immediately from the Seller’s agent, who informs them that the Buyer is electing to cancel the deal.

Alternatively, if the Buyer’s inspection turned up major issues that the Buyer wishes to negotiate with the Seller, the Buyer’s agent will also typically contact the listing agent ASAP.

That’s both to let the (upsetting) news sink in, as well as to let the Seller know that they’ll likely want to line up their own contractor quote(s), to put a price tag on the problem(s).

No News = Good News (Usually)

Of course, there’s a second reason Sellers shouldn’t unduly sweat a prolonged quiet period:  a Buyer who does not timely resolve any issues raised by their inspection is deemed to have waived them.

The Buyer and Seller can always agree to extend the Inspection period.

But, a Buyer who has sat on their hands until just before the expiration date is taking a big risk that the Seller is both:  a) amenable to an extension; and b) available to sign one (electronically, presumably).

See also, “Jury Verdicts & Home Inspections“; “The Waiting (is the Hardest Part),” ; “It’s 11:55 p.m. on Day #10 of the Inspection Period — Do the Buyer and Seller Still Have a Deal?“; and “The Waiting – Version 2.”



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