Once Your Offer is Accepted

In Louisiana, the standard 7-page Purchase Agreement used by all residential Realtors includes a section which refers to the inspection period. Many agents use a standard 10-day inspection period; bear in mind that this inspection period is in calendar days, not in work days. During that period, any and all inspections must be accomplished, and any request for repairs - or for money for repairs - must be submitted.

While there are no 'standard' inspections in the Acadiana region, most home buyers are advised to get at least a home inspection by a licensed Home Inspector, and a termite inspection on everything other than new construction. If the home inspection yields results which indicate the need for a more specialized inspection (for instance, an inspection by a roofer or a foundation expert), that needs to be accomplished within the same time period.

The latest purchase agreement actually gives the buyer a bit of flexibility during the inspection period; a buyer may void the purchase contract without having to give a real "reason." All that is required is saying in writing that the sale will not go forward, and a request for the return of the deposit should be made by the purchaser's agent.

Buyers have the option on new construction of either having an inspection by a licensed Home Inspector, or simply doing a walk-though with the builder and the buyer's agent to formulate a punch list. In new construction, there is a New Home Warranty, which sets the purchase of new construction apart from the purchase of an existing older home. Within the first year, any physical defects which occur - problems with heating and cooling systems, problems with wiring or roofing - are covered by the new home warranty. While many people opt for only a walk-through and punch list with the builder, bear in mind that a licensed Home Inspector will check for problems not necessarily visible on a walk-through.

Buying a home? Some things to remember....

1. Real estate contracts are only valid if they're written. Oral contracts are unenforceable.
2. Get pre-approved; offers with pre-approval letters are taken more seriously, and you'll know
you're looking in the right price range for your budget
3. If it isn't in the contract, it isn't staying with the house - make sure you ask for the things you
want...in writing
4. Start your search on-line. Before trotting out to see an endless list of properties, look on-line
at what's available and narrow your search.

Buying a new home is one of the most significant financial obligations most people make - so take your search seriously and do your homework before you enter into a contract. Find a Realtor with whom you feel comfortable and who affords you a feeling of trust, and remember that this is about what you want - the property you select should reflect your needs and wants, not those of your agent.