Escrow Inspections and Appraisals



Decide
To Sell


Select an
Agent & Price


Prepare
To Sell


Accepting
An Offer

Escrow
Inspections
& Appraisals


Close Of
Escrow

Inspection and Appraisals:

Most buyers will have the property inspected by a licensed property inspector within the timeframe that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors review the property (eg: roof, HVAC, structure, etc). If the agreement     is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution. This is done so that the lending institution can confirm their investment in your property is accurate.

The Closing Agent.

Either a title company or an attorney will be selected as the closing agent whose job is to examine and insure clear title to real estate. After researching the complete recorded history of your property, they will certify that your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions, liens) by the date of closing and that all new encumbrances are duly included in the title.

Contingencies.

A contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating that their contract is binding only when there is a satisfactory home inspection report from a qualified inspector.

Before completing his or her purchase of your property, the buyer goes over every aspect of the property as provided for by the actual contract and any applicable addendums.

These include the following:

  • Obtaining financing and insurance;
  • Reviewing all pertinent documents, such as preliminary title reports and disclosure documents; and
  • Inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections (eg: roof, chimney / fireplace, property boundary survey, well, septic, pool / spa, lead based paint, HVAC, etc.).

Depending on the outcome of these inspections, one of two things may occur:

1. Each milestone is successfully closed and all of the contingencies are removed.

2. The buyer reviews the inspection report and he or she requests a renegotiation of the terms of contract. This usually means that the items in question will need to be corrected or that the original purchase price will need to be reduced.

How do you respond objectively and fairly to the buyer when a renegotiation is demanded by the buyer? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, I guarantee my expertise and total commitment to every client.

Loan Approval and Appraisal.

I suggest that you only accept buyers who have a lender’s pre-approval letter or written loan commitment. An appraiser from the lender’s company will review your property and verify that the sales price is appropriate.


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