Home inspections on a short sale property…
As a Murrieta Short Sale broker, I need to protect my clients best interests. Whether I am the listing agent or representing a buyer. In most Real Estate transactions there is a buyers agent representing a buyer and a sellers agent representing the seller. In a traditional purchase, the home inspection is generally done within the 1st week or two after a contract has been executed by both the buyer and seller.
This is know as a “home inspection contingency” and allows the buyer and their home inspector the opportunity to carefully look over the home for any potential defects. If the buyer does not like the results they generally can exercise their right not to move forward with the purchase of the property.
Most short sales are “as is” transactions. The reason most seller’s are doing a short sale to begin with is that they don’t have enough money to continue paying their mortgage. A sellers lender approves a short sale based on a definite dollar amount they will be realizing at the closing. Buyer’s need to understand going in that the home inspection is not going to be an opportunity for them to present a laundry list of repairs they want the seller to remedy and will not be a negotiating point for cosmetic repairs. A buyers lender may require certain repairs be completed to finance the property. They will have guidelines in order to finance a property, in the event that a repair is needed the sellers bank may concede to making the repairs to make the home lend able.
If you have any questions regarding the short sale process or need help doing a short sale in the Murrieta/Temecula area please call me. We have an excellent track record of getting Short Sales Approved and will handle your short sale at no cost to you!!!