Inspection and Financing
Most offers are conditioned upon the buyer approving of a home inspection. This gives the buyer an opportunity to thoroughly inspect the home and make the final decision whether or not they want to go ahead with the purchase.
During this time period the house remains on the market, but if another offer comes in it cannot supersede the first offer. It must be placed in a backup position. Since this inspection process is very buyer oriented it is important to keep the time period as short as possible. I will be counseling you on this during the offer presentation.
Most offers are also subject to the buyer's ability to obtain financing. If a buyer fails to obtain their financing, the transaction becomes null and void with the earnest money returned to the buyer. It is important for us to check into the buyer's qualifications before accepting the offer so that we can minimize the possibility of this occurring. Again, I will be counseling you on this during the offer presentation.
The financing time period is usually around 30 days. During this time the lender will verify the buyer's income, deposits, debts and credit history. An appraisal and title report on your property will also obtained. Once all of the information is reviewed by the lender's underwriter. Upon approval by the underwriter, lender documents are sent to the escrow company.