Ninja's Strike Again

ninja In last weeks Ninja meeting we discussed a new OREF form, of which I have used frequently in the past on behalf of buyer clients. Surprisingly, the new form, an addendum for professional inspections, gives the buyer three more business days to complete all negotiations with the seller. 

Normally, the buyer has ten business days to complete all desired inspections and also negotiate any new terms with the seller within this time period. This new form could increase that time to 13 business days. This is advantageous to the buyer.

Not so for the seller. I would imagine most sellers, having had this new wording pointed out, will negotiate for the standard ten business day inspection period. For the seller, ten business days is a long time to have your home "pending" to only have it come back on the market when the buyer and seller cannot come to terms over the inspection report.

This is one of the many terms of a sales agreement that needs close attention, and depending which side of the fence one is standing on, appropriate guidance from a Realtor.