Real Estate Blog - It's an AS-IS short sale, we're closing Friday and U want an inspection...quick?

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It's an AS-IS short sale, we're closing Friday and U want an inspection...quick?

It's an AS-IS short sale, we're closing Friday and U want an inspection...quick?

Why? Well that's OK, as I frantically call my Inspector for a "favor".

All of the issues were disclosed up front...about $300.00 worth. This is a short sale...offered at $289K...approved at $275K...This inspection is going to cost $500.00.

A few little holes in the closet when shelves were removed or heightened...a handle on a door that needs replaced... another few incidentals.

The roof (little leak in the garage) is the responsibility of the Condo Association and they are fixing it.

While, I always love to have an inspection to make sure all is known.

Do YOU?

http://www.KarenMonsour.com, 954-464-4194

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 07/08/2009 10:01 PM

Comments (21)

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21 Comments on It's an AS-IS short sale, we're closing Friday and U want an inspection...quick?

JUL

Absolutely, Karen! All of my buyers get inspections and most of my sellers get inspections before we set the price.

Absolutely -- the owners may not know about the problem and therefore can't "disclose it up front" even if they are trying to be totally honest. What if the latent problem is worth $20,000? Then, how does that price look? ALWAYS get a home inspection, and allow time for follow-up specialty inspections.

Always! Even with new construction. It doesn't mean the seller will fix everything (or anything), but it can uncover a problem that both the buyer and realtor are unaware of.

Without a doubt, Karen! I've heard too many horror stories of agents who didn't and were sued for the repairs because they either forgot to do one or didn't have their buyers sign a waiver for an inspection. In fact, here, we have to have in writing that we informed the buyer to have an inspection (email if admissible in court) and the buyer's response of a waive.

If there is some underlying problem (mold or structural issues seem to be the big thing), you could be paying out alot of dough as compared to the inspection fee.

Good luck with it and thankfully your inspector agreed to do you a favor!

I don't mind inspections anymore, but I no longer refer an inspector or call one for a client due to liability issues. If we do give names, we have to at least give 5 or more. Maybe it is different in your state.

Maria,

This was a short sale, we got confirmation less than a week ago and they demanded a closing date for Friday. So tomorrow afternoon we are having an Inpection...The money is already here to close on Friday. I was only told of this request as of last night. Glad I held tomorrow open...

Ann,

There are rentors there that spent about $5K fixing this place up when they moved in...It is in great shape. I agree, they should have an inspection, but they could have made that decision earlier in the week.

Joan,

It doesn't matter, it is an AS-IS with right to inspect with a short sale addendum. His son looked over the property and was well aware of the little issues...I'm glad we are doing it, CYA, however, more that 12 hours notice would have been nice. They new this offer was accepted last week.

Debe,

It's not the issue that they want one it's the fact that they waited until the last minute...thank goodness that I anticipated this situation and kept my afternoon open. The wanted it done in the am since their time is way ahead of ours...I have morning appointments...so, they won't get the info until about 10 pm, their time. Sorry...

Lizette,

I hear you! We haven't had that issue here in so Flo. yet...we use an International Co...so, so far so good.

Hi Karen Me too. Let the liability of something in the future fall on the inspector..not on the agent.

I tell my sellers to welcome the home inspection by the buyer, they have a right to one and it will ease their mind that after the property closes the buyer is less likely to have complaints. On a short sale they may be more likely to come back on the agent before they complain to the bank or the seller...they have no resource with either of them so they have to blame someone...guess who...yep us.....BTW As is condition will mean nothing to some judges in a court room.

Oh Karen, I love all these comments: real estate agents who say ALL my buyers get a home inspection.

I really like Maria -- even her sellers get inspections.

You are right, though, that they should have made the decision, like Monday morning!

Good luck Friday!

June,

I prayed that they would ask for one just to CMA...I was short of breath, cell phone died...then the heavens opened up, cell phone had some charge and low and behold we have and inspector at noon...

Andrew,

The buyer decided he wanted to do it at 9 am tomorrow. I already had commitments. So it's at noon.

The time difference is 6 hours, so I'm thinking they will get the results about 11 pm?

I agree with inspections for both buyers and sellers. Its helpful for sellers when they can identify and address up front. And I highly recommend for buyers no matter what.

La Shonda,

I agree, but in my humble opinion, I would figure out a way to be there for them...it's a total CYA for me...so I adjusted my schedule to accomodate this inspection...wanted it waited for the request...saved a little time anticipating.

Love my job and the 6th sense I need to make deals like this work!

Thanks for posting.

JUL

ALWAYS! Don't care if it is being sold AS-IS or not, you need to know what you are getting. That inspection could be the reason you decide to walk from what you thought was a deal and in reality it was a money pit!

Absolutely, I assume this is an AS-IS with right to inspect. Having the home inspection most likely will not change the buyers mind, it does take the liability off of you.

George & Jeff,

Got it done today...Pristine condition. Needed a switch plate cover and had a noisy bathroom fan...otherwise, perfect...

I love a happy customer,

Jeff,

Yes, it is an AS-IS with right to inspect short sale...Closing tomorrow.

Thanks for the advise guys. You know, bank approval last Friday after 5 months of waiting on them, then you have to close in a week after a holiday weekend.. LOL!

JUL

Inspections are so important. Even if it is an "as is" sale. It will at least give the new homeowners a "to do" list and a heads up for after they move in.

JUL

Jen,

You are so correct on this. In the beginning, they were going to forego the Inspection...I suggested it would be a good idea...we had one the day before closing. The only issues were one missing electrical plate and a noisy fan...Yeah!

Hey, and thank you for your opinion. Glad to have you here.

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