When do I schedule a home inspection?
This is a common question I get from my buyers. The answer is to schedule it AFTER you have the home under contract, when there is a formally signed contract between you and the seller.
The reason you don't schedule one before you have a contract nailed down is simply this....by the time it takes you to complete the home inspection, another buyer may have already put in an offer and now has the property under contract! That means you just spent approximately $350-$400 on the inspection and lost getting the home under contract! When you write a purchase offer to buy a home in the Northern KY area there always will be written into the contract a home inspection contingency. A normal time frame to conduct the inspection is anywhere from 5 - 15 days, with 10 being average.
A good point to note here is that if you find something during your home inspection that is of concern to you, like mold or foundation issues that make you want to RUN from the contract, your Kentucky contract allows for you to exit the contract without breaching, as long as you inform the seller DURING your contract inspection period, not after your inspection. However, buyers usually submit a "repair addendum" to the seller asking the seller to repair the issues in question. Some of these may be cost prohibitive to the seller and so the contract may end by both parties signing a release addendum. In addition, it is important to note that the seller does not legally have any obligation to repair anything, although most sellers will consider anything that is reasonable.
There are some exceptions to these rules, so be sure to hook up with a knowledgeable agent who can help you navigate the home buying process and look after your best needs!