I've just been notified that the buyers on a property whree I represent the sellers is going to do a re-inspect prior to closing. In this case we've repaired everything requested on the TRR form, spent the repair cap money (there's none left) and are ready to move forward to closing.
In checking the contract I see that there are NO provisions for whatever the inspector might say, do or report. Further, there is NO provision for the buyer to walk away from the contract at this point.
However, I'm still a bit nervous as this is my first re-inspection.
Anyone got any advice or stories - good or bad - pertaining to this?
Thanks!
Bob
4 Comments on Re-Inspections
Usually you get a feel from the other agent and or the loan office as to whether or not something is wrong, have they been ignoring you or elusive when answering questions?
I have been involved in transactions when I just had a feeling and usually you are right, hopefully it's nothing.
Yes, we have those here in the Iowa-Illinois Quad-City Area, and they are called "Pre-Closing Inspections" or "Final Walk-Through Inspections" and they are VERY important to the transaction....
They are there to insure that there is no hidden damage to the property, (i.e broken bedroom doors which were covered up by Led Zeppelin posters---yes, this happened to me), no new damage has occurred since the initial inspections, and that all appliances and mechanicals (plumbing, heating, CAC) are in working condition.... and that the home is cleaned up of all debris...
The buyer's right to do this is written right into the "Contract to Purchase Real Estate", and I wouldn't complete a sale without one...
There is nothing to be afraid of... as long as your seller meets their responsibilities..
When I am the buyers agent, I do suggest they get the re-inspection. Just to make sure everything that was requested be done, was done to a satisfactory level.
As a home inspection consultant I have done numerous " re-inspections". This usually means that some issues were found and repaired and I have been asked to come in as a new set of eyes so to speak and my job is to confrim that all repairs have been completed properly. I am alos asked to do a visual inspection of the property to see if any furhter damage or defects have arisen since the last meeting. If your clients have performed their due diligence with any repairs that were completed you should have nothing to worry about. However if they happened to hire "FLY BY NIGHT" contractors to do the repairs and these repairs were completed improperly then you client may have to re-do them. This is a issues very rarely but does sometimes rear it's ugly head.
Mark
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Usually you get a feel from the other agent and or the loan office as to whether or not something is wrong, have they been ignoring you or elusive when answering questions?
I have been involved in transactions when I just had a feeling and usually you are right, hopefully it's nothing.