| After inspections buyer and lender often ask seller to make repairs
Buyer inspections usually take place after the price and terms have been negotiated.
Lender inspections seldom provide warranties for buyer. |
Some buyers order a building inspection and if there are no major flaws proceed.
Some buyers order a building inspection and ask the seller to repair all flaws.
Most buyers ask the seller to repair some items that surface in the inspection report as items that need attention. |
The appraiser's mandate is to determine if the property is being sold for a fair market price. The appraiser usually needs inside access to view the condition and amenities.
It is the appraiser who alerts the lender to the need for add-on inspections.
For instance most lenders require five years remaining roof life. |
When a property is being financed by a lender, it is reasonable to expect the property to meet minimum lender requirements. This is usually but not necessarily the seller's responsibility.
Common inspections are roof, septic, electrical, structural and pest. The pest inspection deals with infestation, ventilation and water damage. |
Wednesday, September 08, 2010
