Main Content

Home » Decide to Sell » Escrow Inspections and Appraisals

Escrow Inspections and Appraisals

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.

Testimonials

"Dorit and Joel Cooper are excellent Real Estate brokers. They listened to our needs and worked with us tirelessly for over a year to find the perfect home for our family. They helped us re-envision homes that needed updating and they spent hours guiding us, as first time home buyers, to make the right decision. While getting to know our growing family, Dorit and Joel helped us navigate the home search process to incorporate the needs of all of our family members. They were always available to answer questions and worked around our crazy schedule to arrange viewings. The end result is that WE LOVE OUR HOME!" - Eitan & Cassie W. -

"We want to thank you from the bottom of our hearts for your great efforts in working out everything beautifully and timely with our new home! Your professionalism and willing to go above and beyond to help truly warmed our hearts! We felt so lucky to have the opportunity to work with you on this project, and we certainly want to work with you in the future. We have not seen anyone who could be this responsive, attentive, professional, resourceful and helpful like you. You left a great impression onto us. We cannot thank you enough for what you did for us. " - Juming Z. & Su C. -

"I cannot rave enough about the experience of working with Joel and Dorit to buy a home in Encino. They were incredible business partners, very respectful of our needs and wishes, unbelievably organized and professional, and willing to get down into the weeds on anything- even if it was not a part of the job. I will definitely use them again in the future." - Bryan S. & Bethany S. -

"Joel was amazing to work with to buy a home. He was able to get me in to see homes immediately, and was extremely responsive when I called or emailed. I was able to find a home within two-three months and when the home of my choice fell through Joel was there to find other options. I love my home, and would use Joel again for any future purchases I do in the future. I recommend him to all my friends." - Miriam G. -

"Joel is a broker of great integrity. His knowledge of the market is very good and he was always available to us during the buying process. He worked very hard for us and I would highly recommend him." - Brian K. -

"Joel and Dorit are a powerhouse team -- pleasant to work with and very thorough. They went out of their way to not only make sure I found what I wanted in the price point I wanted, but they made sure I understood what my options were and walked me carefully through each stage of the process. I'm a first time homebuyer who was referred to them by a friend who also had a great experience with them buying his first home. I had an idea of what area of the city I wanted, generally the kind of place I wanted, what I thought I could afford. Right away, in our first meeting, they had pulled comprehensive market reports on the neighborhoods I was targeting as well as nearby neighborhoods. I got a bird's eye view of what inventory was like, how much places in the last year sold for, etc. When I was ready to begin searching, they were happy to let me set the tempo. How many listings do I want to receive? How many places would I like to see each week so I get a good sense of what's available without becoming overwhelmed? Given that I was kind of learning as I went, this was exactly what I was looking for in an agent. Someone very knowledgable about the marketplace, equally concerned with my satisfaction and enjoyment of the search as they were with closing a deal. When it came to making offers, Joel went out of his way to make himself available to what worked best with my schedule. He was helpful in my search for a broker, navigating the tricks that selling agents and developers try to get away with, and gave me perspective on the big picture. I have already began referring Joel and Dorit more clients and wouldn't hesitate to work with them again when I'm ready for the next stage of home ownership." - Theo T. -

"As a first-time homebuyer I had no idea what to look for in a realtor. Joel Cooper made buying a home painless and in some ways fun. Throughout the entire process of picking out a home and signing paperwork Mr. Cooper definitely made me feel as if I was always in the drivers seat. He was also more than happy to give his professional option whenever I wasn't sure of something. Joel Cooper has all the characteristics of a great realtor. He is honest, determined and most import VERY PUNCTUAL. I had worked with 3 realtors before I found Mr. Cooper and there is nothing more frustrating than waiting at a home you are interested in buying and your realtor calls you and says, "I'm on my way". I highly recommend Joel Cooper when deciding on a realtor and I will definitely request his services again when the time comes to either buy another home or sell my current one. " - Felipe A. -

Joel Cooper

(310) 968-2401 joel(at)joelcooper(dotted)com
Joel Cooper - Joel and Dorit Cooper
Dorit Cooper - Joel and Dorit Cooper

Dorit Cooper

(310) 990-4655 dorit(at)doritcooper(dotted)com