When it comes to purchasing real estate in Queens NY, the home inspection phase holds significant importance. Unlike other parts of the country, home inspections in Queens typically take place prior to attorney involvement, contract signing, etc. Understanding the unique steps involved in this process can help both buyers and sellers navigate it effectively, ensuring a smooth transaction. In this article, we will outline the key steps involved in the home inspection phase in Queens and shed light on the significance of acting swiftly once an accepted offer is negotiated.
1. Coming to Agreement on Price (i.e. Accepted Offer):
The home inspection phase commences after both the buyer and seller have reached an agreement on the purchase price, commonly referred to as an “Accepted Offer.” This marks the initial stage where the buyer has the opportunity to conduct a thorough inspection of the property.
2. Scheduling the Inspection:
Once you negotiate an Accepted Offer, the next step is to schedule the home inspection. Typically, this is done within 24-48 hours of the offer being accepted. In our experience, when buyers drag their on scheduling the inspection, the sellers begin to question their seriousness and/or they begin to ask about the other offers on the table. Prompt scheduling allows for timely evaluation of the property and keeps the process moving forward in a timely manner. It also limits the possibility of losing the house to another buyer.
3. Completing the Inspection:
During the home inspection, a licensed professional examines the property’s condition, systems, and structural elements. The inspection usually takes about 2-3 hours, depending on the size and complexity of the property. The inspector inspects the interior and exterior, checks for any potential issues, and documents their findings. Pro tip: If you’re buying, make sure you walk through the property with your inspector so that you can learn all about the property. If you’re selling, it helps to be home in case any questions come up during inspection.
4. Receiving the Inspection Report:
After the inspection is completed, the buyer usually receives a comprehensive inspection report within 1-2 business days. This report highlights any major items discovered during the inspection, ranging from structural concerns to potential safety hazards. If any major items come up on the report, then it is very common for the buyer to ask for repairs, a discount in price, a credit at closing, etc.
5. Addressing Major Items:
If significant issues are identified in the inspection report, the buyer and seller need to address them. This may involve negotiations, repairs, concessions, or discounts. It is essential for both parties to communicate effectively and find mutually agreeable solutions. Timely action is crucial, given that the deal is not legally binding until contracts are signed. If this happens, it is important for all parties to remain calm and reasonable. If requests are reasonable, then it is just a matter of finding a new win win agreement. If requests are unreasonable, then it is very likely that the deal can end up dying.
6. Negotiating Repairs, Concessions, Discounts, etc.:
In this phase, the buyer and seller engage in negotiations to resolve any concerns highlighted in the inspection report. The aim is to find a fair resolution that satisfies both parties. This could involve addressing repair costs, monetary concessions, adjustments to the purchase price, or other arrangements, depending on the specific circumstances. Some repairs may even be required to be repaired in order for the buyer to get approved for their loan. This includes things like termite damage, leaky roofs, faulty heating, etc.
7. Moving Forward with Attorney Involvement:
Once the major inspection items have been addressed and both parties are in agreement, the next step involves attorney involvement. Seller’s attorney drafts the initial contract, then it is sent over to the buyer’s attorney. Both attorneys review the necessary legal documents, including the purchase agreement, and ensure all legal requirements are met. Once finalized, the contract is signed by the buyers, then the half signed contract along with initial escrow deposit is sent to the seller’s attorney. Seller then signs the contract, solidifying the commitment to the transaction.
The home inspection phase in Queens is a critical stage in the real estate process. Unlike in other areas of the country, inspections occur prior to attorney involvement, emphasizing the need for efficient and timely action. Both buyers and sellers should be aware that no offer is considered fully accepted until contracts are signed. By promptly scheduling inspections, addressing major items, and engaging in effective negotiations, a successful outcome can be achieved. Understanding the unique dynamics of the home inspection phase in Queens enables buyers and sellers to navigate the process with confidence, ensuring a smooth and efficient real estate transaction.
If you have any questions about the home inspection process in Queens, feel free to Contact Us anytime 🙂
