What are you using on contracts as far as reasonable time for inspections? 10 days? 30 days? Other?
Howdy Bettysue:
I have seen mostly 10 days for residential and 30 to 45 for commercial buildings. With commercial deals you get into environmental issues that will take longer.
I concur.
I offer 5 days on residential,and 30 on commercial. My thought is , once you placed your name on the contract your either going to buy this thing in a timely manner cause youve had plenty of time to him ha around before you signed your name or your going to loose your deposit,…LETS GO time to move ;D
I put a contract out on a house with the contingency of inspections and appraisal. Representing attorney did not want me to have contingencies. Is this common? I had to go back and let homeowner know. The contact allows for contingencies. Has this happened to anyone else?
Apparently, the homeowner has put a contact on a house and I am sure that on their contract it state contingent to the sale of their current property.
I was told the homeowner wanted their money.
I said TOO Bad, I need inspections.
If it’s a really hot market, we sometimes offer 5-7 days if we think we can get most of the information we need. We have the option of paying extra for the seller to extend…versus losing the contract from the start.
For the most part, option periods in our area are about 7 days on regular residential. Commercial is 30-45. If you can get 60, that would be great.