Home Buying in Dallas>Question Details

Wannabecute, Home Seller in Dallas, TX

We are home sellers in the active option period of our contract with our buyer. The inspection was two days ago and have heard nothing - is this bad?

Asked by Wannabecute, Dallas, TX Thu Aug 26, 2010

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13
You need to confer with your listing agent if still during option period buyer still has time file and amendment for requests

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote Thank Flag Link Thu Aug 26, 2010
The inspection and option periods are for the benefit of the buyer who can terminate for any reason during that time. I would say, talk your agent about this. One of their many jobs is to mange this time and process for you. It's not unusual by any means to have not heard anything back yet. Buyer may need time for any number of things...getting repair estimates, doing further research on items that may have come up etc.

Also note that the option can be extnded if needed to take care of the, se issues or re-negotiate etc.
There are too many variables to list. So, again, talk with your agent.

Best of luck
Helen Karuba
1 vote Thank Flag Link Thu Aug 26, 2010
Unlike most home inspectors, Selman Home Inspections are normally delivered to the client at the time of the inspection. Some inspectors, particularly those lacking experience, may take an extraordinary amount of time to deliver a report.
0 votes Thank Flag Link Wed Jan 5, 2011
Depends on how long it took the inspector to generate and deliver the report and for the buyers to discuss it with their agent and attorney. Right now, no news is good news.
0 votes Thank Flag Link Thu Aug 26, 2010
I would recommend patience.

"Let sleeping dogs lie"

But do check in with your listing agent, just to make sure a response didn't come from the buyer but is languishing in the listing agent's in-box.
0 votes Thank Flag Link Thu Aug 26, 2010
You should remind your Realtor to talk with buyers agent. I am sure there is an explanation.

Good Luck,
Pelin
http://www.dallashomelist.com
0 votes Thank Flag Link Thu Aug 26, 2010
I would not worry about this. Some buyers ask for repairs, some don't.
I would not ask them if they will submit a repairs list as that is telling them you expect to do repairs.
I have also seen inspection reports with almost nothing on them.
Just sit tight and wait.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Aug 26, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
I don' t think ther is cause for alarm at this point. As many hve pointed out, it takes a little time for the Buyer to receive the inspection report and put together their repair requests. Your best course of action is to hve your agent "check in" with the other agent. I can usually get an idea of how the inspection went by having a short conversation with the Buyers agent. I may not be able to get the exact specifics of repair requests, but I can usually get a nice preview of what is to come. I simply ask if there were any major concerns that came out of the inspection. The agent on the other side of the transaction will usually say either that "things went well and we'll hve a formal respone to you shortly" or they will say that there are issues with XYZ items in the home. I am a firm believer that frequent communication between agents during the optioin period keeps contracts alive. There is almost always a negotiable solution to any concerns that arise from inspection.
0 votes Thank Flag Link Thu Aug 26, 2010
I would think it is a good thing. If there are any issues I would start negotiating immediately so as to have everything cleared up before the option period is over. Have your agent call the buyer's agent if you would like an update but this is something a seller would not sit on.... time lines are critical in a purchase transaction and if there is an issue it needs to be addressed right away.
0 votes Thank Flag Link Thu Aug 26, 2010
Hi Wannabecute:

This is neither necessarily good nor bad. What I would like to address is the fact that as long as your home is not showing as "Active" in the MLS your home is virtually off the market. It's not likely that an agent will be showing your home. This being said I would get on the phone to your agent (assuming you're working with one) and check on the status of the inspection. I would also try to avoid extending the option period because if your buyer decides to walk away you just wasted alot of precious time. I hope this helps to put things in perspective.
All the best,

Elizabeth Cianciatto, ABR, e-PRO, CNMS, CNRS
Coldwell Banker Res. Brokerage
Flower Mound, TX
469.441.8371 (c)
0 votes Thank Flag Link Thu Aug 26, 2010
No, it's not a bad thing. Sometimes the buyers need time to either decide if they are going to ask for repairs, or they may be satisfied or ok with the inspection report, and not ask for anything. It can't hurt to inquiry. If you are working with an agent, your agent can should do so for you.
0 votes Thank Flag Link Thu Aug 26, 2010
Linda is exactly right. It doesn't necessarily mean something is wrong. It might mean that they are fine with everything and have no reason to contact you. It could also mean that the inspector is really busy and they haven't gotten their report back yet (although typically we get them within 24 hours). It is the buyer's responsibility to stay within the option time period, although I completely understand your anxiety during this time. Hang in there and good luck!!

Jackie Rankin
0 votes Thank Flag Link Thu Aug 26, 2010
If you are not working with agents on either side, I would recommend contacting the buyer and remind them of the deadline and ask them how the inspection went. Sometimes is takes a few days to iron out what the buyer is willing to live with versus what they expect the seller to fix.

If there are agents involved, then they should be doing this for you.

Linda
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu Aug 26, 2010
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