Answers (3)
- Bernard Gibbons
- Contributions:475
In California, the Purchase Contract defaults to 17 days for inspections, finance and appraisal contingency removal. Everything is negotiable, of course, and in a competitive buyers' market, such as we have at present, buyers will often state shorter times in the hope it will make their offer more appealing. 14 days is fairly typical.
Shorter inspection timescales are generally not a problem and in the case of REOs, for example, the banks generally want no more than 10 days. I would not generally advise a buyer to have less than 14 days for finance/appraisal contingency though, simply because the time it takes for an appraisal is outside the buyer's control.
All periods begin at the time the contract is fully executed.
Shorter inspection timescales are generally not a problem and in the case of REOs, for example, the banks generally want no more than 10 days. I would not generally advise a buyer to have less than 14 days for finance/appraisal contingency though, simply because the time it takes for an appraisal is outside the buyer's control.
All periods begin at the time the contract is fully executed.
- Cindy Quinton, "Cindy Quinton"
- Contributions:2448
The way the contracts are written in Oklahoma, there is one "period" of time for inspections. If left blank, it gives the buyer 10 days. I often advise my clients to ask for 15 days, but as with everything else, it is a negotiable item.
From what you are saying, I take it that you and the seller are close to an agreement on price, but you think you may be able to get a little more after inspections because of issues that must be evident? If that is the case, in my opinion I would not be investing my money in inspections and the like if I wasn't in full agreement on price. It just seems like a good way to waste a bunch of money.
From what you are saying, I take it that you and the seller are close to an agreement on price, but you think you may be able to get a little more after inspections because of issues that must be evident? If that is the case, in my opinion I would not be investing my money in inspections and the like if I wasn't in full agreement on price. It just seems like a good way to waste a bunch of money.
- Nan Brennan, "Century21 First"
- Contributions:386
Sorry we are unable to give legal advice on a contract. I would suggest working with a buyers agent or real estate attorney to assist you.
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Question for you..Would you diagnose and treat your own medical problem or consult a doctor? Be Safe not sorry
Best wishes to you..
What number of days belongs in the boxes on a purchase agreement for inspection, attorney review, ec
What number of days belongs in the boxes on a purchase agreement for inspection, attorney review, loan application? From a buyers perspective.
Should all of these items have the same time frame? (5 days each for example) Or should each one be contingent on completion of the others?
What if I were to have 5 days for the inspection, then have the attorney review set to 5 days but start that 5 days only after inspection is completed. That way I could drop out if the seller didn't want to negotiate and I would only lose my inspection money.
Are there other ways of going about setting the number days for each? Other strategies, pros, cons?
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