Property inspection

05 Apr

Posted by Admin as Articles

Holiday villa with swimming pool in Peyia - walking, beach/lake …
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The Good Faith Deposit for Real Estate - Searchlight Crusade
After Home Inspection the buyer came back asking for a cash allowance of $8500 for work we had completed for $3500. Plus he asked for new roofs on all the buildings even though inspection did not cite roof in need of repairs (another … read more…

How much to bid at foreclosure auction.? | Eneta Forclosure
That’s ok … you can go later to the bank and make an offer for the property subject to inspection, etc. [Subject to reduces risks and thus costs ...] *** Since I’m not in this business [several friends are or were], I do not know what … read more…

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From GoArticles.com

1110 Garfield 4

1110 Garfield Property Inspection

Open Question: Real Estate Appraiser - Verify Repairs?
This is not a new construction nor a FHA-insured loan.

I am trying to purchase a foreclosure in Florida and my bank required repairs made that were noted on a home inspection report.

I had 5 licensed contractors come in and do the required repairs (electrical, AC, windows and doors, etc.) … all minor, maintenance, per the contractors (none noted that any impaired the safety, sanitation or structural soundness of the dwelling). I even had an architect look for structural integrity issues for my own peace of mind (architect opinion allowed under Florida Law).

I had each licensed contractor sign the home inspection report next to each repair that applied to them and I have their itemized bills / invoices which state repairs made per inspection report or inspector.

Last week the appraiser came out to the property without anyone’s knowledge; and therefore, did not go over the inspection report. He said he would only look at what he noted on his original appraisal (items which were not required to be repaired by the bank).

The bank order the appraiser again to came back to the house and again specifically order the re-inspection according to the home inspection report.

Now another week has gone by. Time is of the essence and I am paying 100.00 per day to the seller for this delay up until the day of closing because I have asked for 3 extensions, so far it has cost me 700.00 for this delay and will cost me another 1,400.00. I also had to sign an extension including that my 2,000 earnest money is now be non-refundable. If do not close in 1 week, I will lose the house and the money I have paid for the repairs (all contractors came in less than 24-hours notice and finished in 4 days).

How is the appraiser to verify that the repairs have been done? He will do a walk-through I assume. Some things are visual, but others are not.

Can he use my copy of the home inspection report signed off by the contractors and their itemized invoices?

Crazy, I know. But the banks are making it extremely had to purchase a REO / Foreclosure. I know you are saying, just get another house. I really want this house, I am getting it for a great price and it is a great investment. I looked at 22 other houses and this one is in great condition for a foreclosure. I agreed to do the repairs because I would have done them anyway. Besides I was 6 weeks into the deal when the bank made the demand for the repairs. This appraiser took 3 weeks to come out and do the first initial appraisal.

Thanks for your time in answering my question!!
Thanks kemperk. I do have a buyer’s broker and he is working hard to fight these people, especially the appraiser. And I do now have an attorney to file suit if I do not close.

This is in part “the principal” … big banks beating up the hard working little girl or guy. I am not the only one this is happening to.