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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

"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... Read More" - 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.... Read More" - 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... Read More" - 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.... Read More" - 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... Read More" - 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... Read More" - 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