Yvonne T. Griffin
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Tip 9-2012: Termite,Well and Septic Reports for “Short Sales”
In a normal transaction, thelisting realtor knows to order these reports within thirty days of theclosing. The selling realtor is also aware of this requirement, so theytoo are looking to receive the reports for their Purchaser. But whathappens if the transaction is not normal? In other words, what happens ifthe the transaction is either a short sale or an REO purchase?
With a short sale, there is theuncertainty of short sale lender approval. Also, the parties realize thatthe Seller usually has no money to spend for termite treatment or wellchlorination. Nevertheless, the lender and/or the Purchaser of a shortsale property may still expect these reports prior to settlement.
Accordingly, as the ListingRealtor, do not forget to order these inspections prior to the scheduledclosing date. If significant problems are found, then there is time tocorrect the problems and to determine if the short sale lender will payanything towards the problem. Even if the short sale lender will notcontribute (which is usually the case,) there is still sufficient opportunityto resolve the problem within the time limit required by the short sale lenderto close. Next week’s tip will discuss the same issues with REOproperties.
Please contact me at434-951-0858 or Tucker@TGBLaw.comif you have questions. Thanks forallowing us to send you these tips.
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Looking Forward: Baby boomers in America enternew era of ‘work til you drop’
WilliamD. Tucker, III
Charlottesville434-973-7474 | Lake Monticello 434-589-3636