Main Content

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.

What PeopleAre Saying

Your hard work paid off as we are able to see a contingency offer turn into out purchase. Thank you for representing with the purchase of our new home.

Thank you for representing with the purchase of our new home. Your hard work paid off as we are able to see a contingency offer turn into out purchase.

Excellent service and attention to detail. Very professional and extremely helpful in providing her honest opinion regarding the pros and cons of each property and area we evaluat...

We have used Judi for 3 home purchases and 3 home sales in the last 6 years, all in different areas of Tampa. She is extremely thorough, detailed and knowledgeable. Judi knows the ...

Judi was referred to be our agent to sell our home due to my job relocation. She called us within a day of referral, and both my husband and I could tell from our meeting with her ...

I was brand ne to Tampa, coming from New York. Judi was not pushy at all. She just showed me and explained things. Exactly what I was looking for in a realtor.

My wife and I were referred to Judi Beck by an out-of-town Real Estate Agency due to my job relocation. Judi called me within a day of the referral and I could tell from my conver...

Judi is a true professional and truly knows and understands Tampa Bay real estate. I worked with other agents on the sale of my home in Cory Lake Isles and she far surpassed all of...

Judi was our agent when we bought our home in New Tampa a few years back. She was extremely resourceful and amazingly responsive (responding to texts and emails at all hours almost...

Judi is the perfect person to be a realtor. She goes beyond her duties. My house needed a few repairs and she was able to find a contractor to fix the problems. I will contact her ...

Get in touch