The offer is in and it’s been accepted. So, what’s next? There is a lot that goes on during this period we traditionally call the escrow period, which can be 30, 45 or 60 days in duration.
In general, the home buying process is a stressful one, and the escrow period is no exception. This is the time where a lot can happen…and a lot is at stake, even potentially the deal falling through.
So, what do you do to ensure a smooth process to the finish line whether you are the buyer or the seller?
Here at Total Roof Protection, we know a think or two about this period, and we’d like to shed some light into certain aspects around this process.
Overall, the best thing to do is inform yourself. Know what to expect next, understand the different steps that happen and stay well informed by your agent, the mortgage company (if applicable) and of course inspectors.
Whether you are the buyer or the seller, here’s a few things to keep in mind:
- After the buyer makes an offer they have what’s called an option period to have the house looked at and inspected by professionals, which is usually 10 days.Here, usually the buyer chooses the inspector. The buyer should choose wisely by checking out credentials and even ask for references. There is nothing wrong with doing this. In fact, it’s better to work with professionals that appear trustworthy, especially since they are inspecting a very important purchase, a home.
- Once a home inspector is selected, they will go to the house and look everything over. They will alsotake a lookat the roof. Ideally, the inspector goes on the roof. While up there, the inspector will note any damage that they may see and make the recommendation of having a roofing professional come look at it. At this point, the roofing professional may recommend the specific repairs needed or a complete replacement of the roof if the damage is bad enough.
- After receiving the inspection report, the buyer may request the seller to replace the roof or repair the damage depending on what was recommended by the professionals that was involved in the inspection.At this point, it is up to the seller to accept whether they will make the requested repairs or complete roof replacement. If the seller chooses not to, the buyer can back out of their offer with no obligation to buy the property.
- Alternatively, the seller can accept the request and perform the repairs or proceed with the full roof replacement.If the seller accepts to make the requested repair or replacement to the roof, the seller will generally have until the end of the escrow period to repair the damage or complete the full replacement.
Are you considering selling your home? Or maybe you’re the buyer and want to make sure your new home’s roof stays in the most optimal condition possible? Whichever the situation, Total Roof Protection can provide you the assurance you need under our various warranty plans.
Give us a call today at xxx-xxx-xxxx or contact us! We’re here to Future Proof your home.