Escrow, inspections & appraisals

Inspections and Appraisal.

Most buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the real estate contract to purchase. If the contract 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. The buyer of a commercial property may also have a complete environmental audit performed and or a soil test, if required by the lending institution.

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 licensed inspector.

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

How do you respond when your inspector finds an issue with the property and the seller does not want to correct it? This is when Mike can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, depending on the sentiment of either the seller or buyer, Mike has had great success in these situations, although, please understand that some transactions do fail at this point.