Escrow Inspections and Appraisals

Inspections, Appraisals & Contingency Period

When selling your property, it’s important to be prepared for inspections, appraisals, and the contingency period. Here’s what you need to know:

• Inspections and Appraisals: Most buyers will have the property inspected by a licensed property inspector within the agreed-upon timeframe in the purchase contract. If the buyer is obtaining financing, the property will also be appraised by a licensed appraiser to determine its value for the lending institution. These steps ensure that both the buyer and the lender have a clear understanding of the property’s condition and value.
• The Closing Agent: An attorney will be selected as the closing agent to examine and insure clear title to the real estate. They will research the property’s history to certify that the title is free and clear of any encumbrances by the closing date. They will also include any new encumbrances in the title documentation.
• Contingencies: Contingencies are conditions that must be met for the contract to become legally binding. For example, a common contingency is a satisfactory home inspection report. The buyer has the right to review and inspect the property, obtain financing and insurance, and review relevant documents before completing the purchase. Having an experienced and professional listing agent like Peter Cagnassola can greatly impact the outcome of the transaction during this period. Peter’s expertise and commitment to each customer ensure a smooth and successful process, no matter the situation.
• Loan Approval and Appraisal: It’s advisable to consider buyers who have a lender’s pre-approval, approval letter, or written loan commitment. These provide a stronger guarantee of loan approval compared to pre-qualification or undocumented statements. The lender will send an appraiser to review the property and verify that the sales price is appropriate based on the market value.

By working with Peter Cagnassola, you can navigate through inspections, appraisals, and contingencies with confidence, knowing that you have an experienced professional by your side. Peter’s guidance and expertise will help you achieve a successful sale of your property.