Once a buyer and seller reach agreement on the purchase price, the transaction will enter escrow and the buyer will submit their earnest money deposit (EMD). Once the deal is accepted by both parties, the contingency period begins and the buyer will start to do their due diligence on the home. This includes reviewing the disclosures provided by the seller about the area and home, as well as initiating the lender to begin processing the loan.
During this time, the buyer will also start his or her inspections on the property. Some of the inspections that should be considered are physical home inspection, sewer line, geological, mold, radon, drainage, structural engineer. Oftentimes buyers will get a physical inspection of the home from a home inspector and have the inspector recommend any additional inspections. A home inspector will check items, such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing and electrical and then will refer if anything needs to be looked at by a specialist. Many times buyers will not perform all inspections, but doing as many inspections as possible will be the only way to know the most about the property you are purchasing.
After taking these steps, the buyer will have a chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions. Once the request for repair is complete and the buyer removes contingencies, the transaction is very close to close of escrow.