The Inspection Contingency Time Period Closes

Hopefully we’ve been able to successfully negotiate any inspection repairs or credits and have signed any associated addendum. In a standard contract there are 10 days for inspections, 5 days to review and for the buyer to ask for any repairs/credits, and 2 days to sign any addendum reflecting these changes to the contract.  Please refer to your specific contract in case a different time period was negotiated.

Once that happens, the buyer should drop off his/her 2nd and final earnest money deposit check at my office within a few days.   After that point, it’s difficult for the buyer to back out of the contract. If the buyer does back out for any reason other than not being able to get approval for the mortgage, the buyer will most likely lose his/her earnest money back and instead you’ll get to keep it. Now we patiently wait for the buyer’s loan to get approved and focus on the last remaining items to get you prepared for closing!