Buying a property during a snow storm?
Are you allowed to pause or extend the inspection period?
As I write this, it’s snowing…again…and it got me to thinking about how many people out there might be in the process of the 10 business day inspection of purchasing an investment property or home residence.
Just an FYI here – you do have the right to ask for an extension if you are prohibited from completing the evaluation.
Most people think, since the clock is ticking, that you are not allowed to stop it – this is simply not true. You have the right to know all about the investment/property that you are intending to buy.
33% of the inspection happens outside:
- Roof conditions
-Fireplace/chimney
-Foundation
-Finish grade pitch
-Support system for decks and porches
-Crawlspace
-Drainage
-Driveways/walkway conditions
-Trees, lawn and vegetation
-Swimming pool/hot tub
-Running exterior faucets
-Septic tank and well evaluation
-Condition of an exterior oil tank and filler line
It is not your (the buyer) responsibility to remove the snow to review all these conditions. A smart home owner or bank would insist that you do not do such a thing for simple liability reasons and insurance regulations. Be aware that some brokers may encourage you to go forward, maybe for a reason that the home is new, they saw it prior the snow fall, everything looked great to them and disclosures are clean on the property. The bottom line, once this period expires and you perform the inspection, you are not allowed to revisit it unless there are notations or exceptions – so be smart, think ahead and do not be afraid to list as many areas that need to be revisited prior the closing to be certain that there are no issues or defects. The home inspector that you hire (under contract) is not required to remove the snow or give a valuable opinion on what they simply do not know. They are allowed to write “not assessable” in regards to any items that they simply may not be able to get to. Think ahead! If you are currently in the process of searching for an investment property, whether it be commercial, residential, or a home for your family, discuss these situations up front with your licensed real estate broker and get their opinion on how they would address this phase if a snow storm was to hit or if you are left with an abundance of snow in the way…don’t let the storm cover your knowledge!
Craig DiPetrillo – DiPetrillo Properties – Planning, Investing, Construction
www.dipetrilloproperties.com – info@DiPetrilloProperties.com – 401.232-7552
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