When Should The Short Sale Buyer Do Their Inspections?

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

 

Good morning Superstars.

 

Here are this week's Superstar discussions.

 

When to do Inspections?

It's been my practice in the past to have Buyers Agents not do inspections until after the Written Approval has arrived. I know that some…

Started by Janis Schade

3 yesterday
Reply by Jill Ford

Another Green Tree situation... value your input!

This is my first with Green Tree and while I have done a lot of short sales, this one has me wondering which direction to take. I appreciat…

Started by Joanie Cubias

2 on Thursday
Reply by Ron Scribner

BofA assistance needed.

I am representing Buyers in short sale w 2 loans. Chase holds 1st, BofA the 2nd. Have sale approval letters. Prelim shows seller has abstra…

Started by Michael Boles

6 on Thursday
Reply by Ron Scribner

Greentree file declined, need help.

My client was initially told he did not have to default on his loan to be approved for a short sale. They also said the same thing to me,…

Started by Stacy Gonzalez

3 on Thursday
Reply by Ron Scribner

Letter of Indemnity - Fidelity???

Hi Guys, We've had the approval and have been ready to go to closing…..BUT the title company has not received the Letter of Indemnity yet.…

Started by Tyra General

0 on Thursday

MI on 2nd loan.....question

So we have only ever seen MI on first loans. Suddenly I have a BofA 2nd with MI. The negotiator (first good one in a loooong time) says h…

Started by Wendy Martin

1 on Thursday
Reply by Brian Avery

Condo Assessment -- Paid by the bank !!

Has anyone be able to get any bank to pay an assessment (not back HOA's). I have a condo coming on the market that has an assessment that…

Started by RoJane Maybee

6 on Thursday
Reply by Wayne Brooks

Compass 2nd - wants $30K to participate in short sale

Please help. 1st is FHA w/ MI and we have the ATP. Allowing $2500 to the 2nd. 2nd is Compass (recently released to LTD). Approx. bal is $5…

Started by Kristy Hamilton

 

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9 on Thursday
Reply by Justin Berry
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Rainmaker
1,505,609
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Thanks for the links. Excellent information here. Since I don't deal with short sales exclusively this is really helpful!

Dec 01, 2012 08:52 PM #1
Rainmaker
3,183,949
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

  We have always had the inspection done and earnest money deposited from the approval of the Seller...not the lender. This meets with less resistance than one might think...it goes beyond "skin in the game" in that it may uncover problems unknown to the sellers and drastically effect the price.

Dec 01, 2012 08:55 PM #2
Rainmaker
1,068,822
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Good links to a good website.  For the record, I do not want my client spending money on an inspection until the short sale is approved through the lender.  If need be, we can perhaps renegotiate the price if there is a latent defect that is too expensive.

Dec 01, 2012 09:04 PM #3
Rainer
60,119
Rebecca Lee McAnallen
RGS Title, LLC - Culpeper, VA
Big city experience, small town service

We find too often that there are well, septic, central air, etc. issues AFTER approval. It is a gamble either way! 

Dec 01, 2012 10:49 PM #4
Rainmaker
863,526
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

I personally  advice my clients not to do any inspection until after written lender's approval is received. Too often shortsales fall through or the lender comes back with outrageous demands and appraisal value.

Dec 02, 2012 05:13 AM #5
Rainmaker
1,013,071
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

As a listing agent / seller, you always want the inspections done as soon as they sign the contract.  As a buyer agent / buyer, you want them done only after the short sale is approved - often many months later.

Dec 03, 2012 07:30 AM #6
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Rainmaker
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