“
Might be a dumb question. First time home buyer and no one to ask.
Does 48 hour irrevocable mean that if you put in an offer then you can’t take it back? I’d like to get a home inspection before purchasing, so I’m aware you need to first have an offer accepted, make it conditional upon inspection. But if the listing has “48 hour irrevocable” does that mean that:
You can do an inspection but it must be within 48 hours including the final report/decision
Inspections aren’t allowed (I don’t think this is what it means)
Something else
Edit: thanks everyone for the explanations. I don’t have a realtor yet. I had one a couple of years ago but didn’t find them very helpful so I backed away from the market altogether. Just looking online to see what’s available, and the “48 hour irrevocable” showed up in the listing description. I’ve never seen or encountered that before, so wanted to ask. Thanks again!!
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Nick's Response
In short:
The irrevocable period for an offer and home inspection are not related in any way.
The reason that most home inspections happen after a conditionally accepted offer is because the Buyer is in control at that point, and no other Buyers can take the property away with a better offer to the Seller.
It’s completely possible to do an inspection prior to placing an offer or having the offer accepted. This is most often done by a Buyer if multiple offers are accepted on a home.
The irrevocable period is the time within which the party receiving the offer may accept it as written. If the receiving party counters the offer, the deadline doesn’t really matter, at least in Ontario.
In other words, the answer to your question is 3. You are legally permitted to do an inspection at any point in the process, so long as the Seller allows access for that purpose.
Good luck on the purchase!
3 More things to know about negotiating a home purchase
1
Understand Market Conditions – Before making an offer, research the current real estate market in your desired area. In a seller’s market, where demand exceeds supply, you might need to act quickly and make competitive offers. In a buyer’s market, where supply exceeds demand, you have more leverage to negotiate price and terms. Knowing the market conditions can help you strategize and decide when to be firm or flexible in your negotiations.
2
Be Prepared to Walk Away – It’s crucial to know your budget and limits before entering negotiations. If the seller isn’t willing to meet your terms or if you feel pressured into exceeding your financial comfort zone, be prepared to walk away. There are always other properties, and maintaining your financial stability is more important than securing a particular home. This mindset can also give you an upper hand, as sellers may be more inclined to negotiate if they sense you’re not desperate. Knowing your limits is why we have all of our buyer clients create a detailed needs and wants list prior to starting their search.
3
Leverage Contingencies Wisely – Contingencies can protect you during the home buying process. Common contingencies include financing, home inspection, and appraisal. Use these contingencies to your advantage. For instance, a home inspection contingency allows you to negotiate repairs or price reductions if significant issues are found. However, in a competitive market, consider waiving certain contingencies to make your offer more attractive, but only if you’re confident about the property’s condition and your financing. Always consult with your Realtor to determine which contingencies are essential and which can be waived without significant risk.
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