Foster Real Estate Report: The buyer’s toolbox – the inspection period

Maggie Foster is your Johnson County Real Estate expert.

The Kansas City market is very much a seller’s market this summer. As buyers, we look for ways to alleviate stress with renegotiations for sellers amongst a flurry of other offers. One tool in the buyer’s toolbox is the inspection period and the “In Its Present Condition Addendum.”

In a standard real estate transaction, there is an inspection period which is typically 10 days long. However, there is one tool some people don’t know about. It’s the In Its Present Condition Addendum.

In this active seller’s market, it can sometimes be enticing to a seller to include an addendum (an “addition”) with a buyer’s offer. There are three standard terms with this addendum in our local Kansas City market: