As a seller you want the process to move along and to remove all the contingencies so you can feel comfortable. When we remove the inspection contingency it makes your deal a little more secure. So let's talk about how long the buyers have to get the home inspection done. In our purchase contract that we sign we have a definite period of how long the buyers have to get a your home inspected.
Normal home inspection times range between 7 and 10 days. That is a common time frame. I prefer 7 days, but some home inspectors are so busy that sometimes we have to allow 10 days. Or their may be a holiday involved. As a seller we want the home inspection to be done as soon as possible. This is one area that the buyer can back out in if the inspection comes back bad. This is one area the buyer can use a simple repair to get out of the contract. The buyer really does not need a reason to back out during the home inspection period. It is rare, but I have instances where the buyer just changed their minds. Yes, some buyers get buyers remorse. They get nervous whether they made the right choice or if they over paid. The inspection can be a way to get out of the contract without losing their earnest money and you cannot do anything about it.
We want this inspection period to be as short as possible, so in case the buyer finds something wrong with the house they do not like or they just get cold feet we can get your home back on the market as quick as possible. We do not want your home off the market very long especially if it is a hot real estate market.
If the buyer inspects your home and finds mold the buyer can void the contract. So if it takes them 10 days to get the home inspection done then it is off the market for ten days. So you never want to allow the buyer more than 10 days to get the home inspection done.
Lawyers can always make a clear home purchase contract gray. The gray area here on the date can be if there are more inspections needed or if the results from some of the inspections have not come back. If they have started the home inspection in the 7 - 10 period and they are waiting for results for a radon test, mold test, or water test the buyer is still good even though it is past the specified 7 days. (At least an attorney would be a make a case that they fell within the right period). Sometimes there is a more in depth inspection needed. They may need a heating & cooling contractor to check out the furnace, or a basement or structural engineer for foundation problems. Or they may need to get an estimate of the costs to repair the issue.
You the seller, more or less have to agree to extending the inspection period for additional specific inspector otherwise it makes the buyer think you are hiding something. The buyer has to feel comfortable with the issue and the costs involved or they are going to bolt from the contract.. Inspection periods can be drawn out when they are checking out your home.
After the home inspection is completed the buyer has 24-72 hours to tell you whether they are moving forward with buying your home, or to tell you want they want fixed. The 24 to 72 hour home inspection response period will also be in your contract.
So that is how the home inspection time line & process works when selling your home.