The Inspection Period: What is it?9/4/2018
When the day comes to make an offer on a new home there's a lot to consider. Fortunately the current quality and functionality of the home are not one of the issues at hand on that day. All there is to consider on the day an offer is made is if the house looks like a good fit! The week and a half after an offer is accepted is the time to determine if the home meets all standards both mechanically and physically. This time is called the Inspection Period.
Something many potential homebuyers may not realize is that after an offer is made on a home there's ample time to inspect the home and determine if the initial offer still seems fair. This determination is the buyers to make based on any and all inspections done. The type of inspections is totally up to the buyer and there's all manner of experts that can evaluate any aspect of a home. If an inspection report is not satisfactory then a buyer may cancel, or re-negotiate with the seller without risking any earnest money.
Despite the fact that buying a home is "at your own risk" there are many resources out there so that every buyer can be armed with knowledge and experience when buying a home.