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Escrow Inspections and Appraisals

Selling your home shouldn’t be hard. Although the process can be tedious, we’ll help you all the way to ensure that everything is in place and to avoid any issues. We created a guide that you can easily follow, and so you have an idea of the process in selling your property.

Inspections and Appraisals

Most buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so that the lending institution can confirm their investment in your property is accurate. A buyer of a commercial property may also have a complete environmental audit performed and/or soil test, if required by the lending institution.

The Closing Agent.

Either a title company or an attorney will be selected as the closing agent, whose job is to examine and insure clear title to real estate. After researching the complete recorded history of your property, they will certify that 1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions, liens) by the date of closing; and 2) all new encumbrances are duly included in the title.

Contingencies.

A contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating that their contract is binding only when there is a satisfactory home inspection report from a qualified inspector.

Before completing his or her purchase of your property, the buyer goes over every aspect of the property, as provided for by purchase agreements and any applicable addendums. These include:

  • Obtaining financing and insurance;
  • Reviewing all pertinent documents, such as preliminary title reports and disclosure documents; and
  • Inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead based paint, HVAC, etc.

Depending on the outcome of these inspections, one of two things may happen:

1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the closing; or

2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).

How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we guarantee our expertise and total commitment to every customer, no matter what their situation is.

Loan Approval and Appraisal.

We suggest that you accept buyers who have a lender’s pre-approval, approval letter, or written loan commitment, which is a better guarantee of loan approval than a pre-qualification or no documentation from a lending institute. Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.

Have you decided to sell your home? Here are 5 reasons why you should list with us today!

  1. If we are not able to sell your property sold within 60 days, we will sell it for free. Yes, you don’t have to pay us a commission for our services.
  2. You don’t have to be locked in a commitment. We practice a 100% risk-free agreement where you can cancel anytime we are selling your property regardless of your reasons.
  3. You can still sell your home by yourself while we carry the listing. If you procure the buyer, we don’t need to pay me a commission.
  4. Our team will call you on a specific day every week to ensure that we are on track. If we miss our schedule, you can fire us anytime.
  5. We provide exposure. A “For Sale” sign in your yard is limited to the people who drive by your house, and this group is mostly your neighbors. We will help you get the attention of 99% of the market by including your listing on our marketing campaigns – email marketing, social media marketing, search engine marketing (Google and Bing), our website, and other channels we are affiliated to.