Part 1: Closing my first deal. What I would do differently. Inspection objection

[Sean Link]

I recently closed on my first deal and wanted to share some insights from the experience. When I submitted my offer and it was accepted, the property went under contract. This signified that the seller and I had entered a legal agreement with obligations to fulfill by specified deadlines. One of my responsibilities as the buyer was to conduct an 'inspection objection'. This was my chance during the contract process to highlight any issues with the property, allowing me to request either repairs or seller credits for problematic items.

For this process, I had a 5-day window. By the third day, I had organized for an inspector to assess the property, and I had the report in my hands by day 4. This report indicated two areas of concern that necessitated further investigation by licensed professionals: an electrician and an HVAC specialist.

I managed to have an electrician inspect the property before the inspection objection deadline. However, I was unable to do the same with the HVAC specialist. As it turned out, there was an HVAC problem that was quoted at $15,000 to fix.

In retrospect, I wish I had negotiated for a longer inspection objection period when we first went under contract, or been more proactive about scheduling the initial inspection on the first or second day."