I Wish Everyone Thought Like Me

By
Real Estate Broker with Certified Realty Services BRE# 00572654

I Wish Everyone Thought Like Me.

In Silicon Valley's hot real estate market, Listing Agents are hog tying buyers into such short due diligence inspection periods they can barely breathe. They think this negotiation helps justify their brokerage fee; they're protecting their client.

It has become fashionable for Silicon Valley listing agents to limit inspection periods to 7-10 calendars days, even for multi-million dollar homes and even when specialized inspections are needed. 

But many inspectors work on weekdays only, so 7-10 calendar days is really 5-8 business days to schedule, inspect, write and read and approve or disapprove the inspection. Some of the best and most popular inspectors need at least a week to inspect.  

Come on.  Why not give a buyer who is acting in good faith the time needed to get inspections?    The seller is not damaged by giving a purchaser 15-17 calendar days to complete inspections with their preferred inspectors.

It's a huge purchase that often uses all of a buyer's savings.   

That's my thinking whether I'm representing the seller, as in most cases, or the buyer.  That's my thinking even if there are multiple offers and even if pre-listing inspections have been completed.  Let them breathe.

 

Lloyd Binen

Broker/Realtor/DRE 572654

Certified Realty Services

19200 Shubert Drive

Saratoga, CA 95070-4046

Certified Residential Specialist (CRS); Graduate Realtors Institute (GRI)

408-373-4411; e-mail 

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Rainmaker
335,335
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

Ken, how's everything in Naperville?  Our contract defaults to 17 days and there's a blank space to change that.  So the listing agent and seller confer about how many days to give the buyer.  Your explanation is the rationale for listing agents shortening it, and I understand that.

The Christiansens, Well we think alike, I just wish I was as funny as you are.  Or, at least your outrageous experience. 

Bryan, yep, and I'd argue it would be healthier for our transactions and maybe even our industry.

David, interesting.  Is your client still interested?

Corinne, So if your offer is accepted Friday evening after 5:00 PM you must schedule your inspection and get the results and have the buyer read and approve everything by Wednesday?  3 business days for everything?  Two business days if Monday is a holiday like Veteran's Day?  We can't do that.

November 13, 2012 10:11 PM
Rainmaker
335,335
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

Thanks Andrew

Bob, I can live with that Austin TX timing for run of the mill inspections with typical homes.  Yes, everyone has an opinion but I want everyone to think like me.  Makes life easier, but it doesn't work.

Sue, I understand how you feel.  That's how they feel here also.

Sharon, I guess you had enough time.  A lot of times it's not an issue.

Jon, yes that's the thinking around here also.  I can live with 10, but 7 calendar days is 5 business days (assuming no holidays) and it can take that long, or longer, to get a good inspector to the property.

November 13, 2012 10:24 PM
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Llyod lively discuss, this is what happens when you are in a hot market.  In some markets sellers would be happy to have a 10+days  inspection, a sign the home might get sold.

November 15, 2012 10:35 PM
Rainmaker
247,580
Jeff Pearl
RE/MAX Distinctive / LIC in VA

Sometimes that 7-10 days is enough, but others times we have inspections for well, septic, underground storage tanks, radon, etc, on top of the home inspection, and 7 days would be tough schedule to meet.

November 16, 2012 12:11 PM
Rainmaker
335,335
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

Jennifer, yes it varies with market conditions.

Jeff, we don't have to deal with radon or many septic tanks, but we do have specialized inspections that require more time.

November 16, 2012 07:34 PM
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Rainmaker
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Lloyd Binen

Silicon Valley R since 1976;408-565-8177
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What's Up in Silicon Valley Real Estate. Particularly Saratoga, Cupertino, Campbell, West Valley, Mountain View and Sunnyvale.