Inspections and Appraisals For Hilton Head Island Homes For Sale
Most buyers have their property inspected by a licensed property inspector within the agreed-upon time between the seller and the buyer. Some people will decide to get several different inspectors to come and check specific items. For example, they may have the roof inspected by a roofer, the HVAC system by a professional HVAC technician, and so on. If the agreement is hinging on obtaining financing, then the property is required to be appraised by a licensed appraiser. The appraisal confirms with the lending institution that their investment in your property is accurate.
Which Attorney Should I Choose?
A Real Estate Attorney examines and guarantees a clear title to the sale property. After researching the complete recorded history of your property, they will certify that 1) your title is free and clear of encumbrances like mortgages, leases, or restrictions, liens by the closing date, and 2) any new encumbrances are in the title. The buyer’s attorney usually holds the buyer’s earnest money until closing. The Dacia Allen Team has attorney recommendations to share.
Contingencies
A contingency is a condition that must be satisfied before a contract becomes legally binding. For example, the buyer may not agree to buy the home unless your home inspection is conducted by a qualified professional inspector and meets their professional standards.
Before the purchase is complete, the buyer will review every aspect of the property; to see if it meets the purchase agreement and any addendums that may apply. These include:
- Financing and insurance
- Reviewing all documents, like title reports and disclosure documents
- Inspection of the property. The buyer will determine if they are happy with the condition of your property, such as the roof, termites/pests, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead-based paint, HVAC, etc.
In the end, the outcome can be one of two things. The first is that the potential buyer is satisfied with the results and removes all the contingencies within the agreement. The second is the buyer wants to renegotiate the price or repairs brought out in the Home Inspection.
Here is where having a professional agent at your side comes in handy! It is difficult, at times, to respond objectively and fairly to buyers when they make demands. Having an agent working for you can make a real difference in the outcome. Having dealt with many different, and at times complicated, sales in the past, we guarantee our expertise and total commitment to every customer, no matter the situation. We are client-centered!
Loan Approval and Appraisal
As a helpful tip, we suggest that you try to accept buyers who have in hand a lender’s pre-approval, approval letter, or a written loan commitment. This paperwork will lead to a much better result because you can view these documents as a type of guarantee that the person interested in your property already has a loan approval rather than only having a pre-qualification or even no documentation from a lending institute. In cash deals, we would always ask the potential buyer for proof of funds. The Dacia Allen Team wants to do its due diligence to ensure that the buyer is qualified to purchase your property.