Tip 9-2012: Termite,
Well and Septic Reports for "Short Sales"
In a normal transaction, the
listing realtor knows to order these reports within thirty days of the
closing. The selling realtor is also aware of this requirement, so they
too are looking to receive the reports for their Purchaser. But what
happens if the transaction is not normal? In other words, what happens if
the the transaction is either a short sale or an REO purchase?
With a short sale, there is the
uncertainty of short sale lender approval. Also, the parties realize that
the Seller usually has no money to spend for termite treatment or well
chlorination. Nevertheless, the lender and/or the Purchaser of a short
sale property may still expect these reports prior to settlement.
Accordingly, as the Listing
Realtor, do not forget to order these inspections prior to the scheduled
closing date. If significant problems are found, then there is time to
correct the problems and to determine if the short sale lender will pay
anything towards the problem. Even if the short sale lender will not
contribute (which is usually the case,) there is still sufficient opportunity
to resolve the problem within the time limit required by the short sale lender
to close. Next week's tip will discuss the same issues with REO
properties.
Please contact me at
434-951-0858 or Tucker@TGBLaw.com
if you have questions. Thanks for
allowing us to send you these tips.
If you like this tip,
please consider "sharing" using social media buttons at top.
Looking Forward: Baby boomers in America enter
new era of 'work til you drop'
William
D. Tucker, III
Charlottesville
434-973-7474 | Lake Monticello 434-589-3636
No comments:
Post a Comment