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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.

Testimonials
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Gabi was absolutely wonderful through the entire process of selling our home. She was knowledgeable, thorough, responsive, and professional. She made the process for us so easy. We had a couple hiccups with our buyer in the closing process and Gabi k...

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We recently sold our home with Gabi and because of Gabi's expertise, we had an absolutely seamless experience. She gave us very solid advice and was able to negotiate the selling process in a fair and reasoned manner. We would highly recommend Gabi...

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We're so grateful to Gabi for helping us buy our dream home in Durango, Colorado. She was very knowledgeable about all the neighborhoods in Durango and was able to share a lot of "insider" advice with us, which we so appreciated. She was incredibly r...

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Gabi is awesome! She helped us buy and sell 5 different real estate transactions. She is extremely knowledgeable, courteous and professional. Very easy to communicate with and will keep you informed on everything! We highly recommend her to find you...

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It’s rare that you meet someone in any profession that inspires the level of confidence that Gabi does. Her professionalism, knowledge, and dedication to getting every detail right makes her that person. It has been our pleasure to work with Gabi f...

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There is no realtor out there like Gabi, she is extremely professional and knowledgeable when it comes to real estate. She is not about just making a closing but about making sure the fit is right for you and your family. I would never use anyone els...

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Gabi is professional, friendly, accessible, and assertive on your behalf. We relied on her to take care of all of the details that go along with purchasing a home and she definitely exceeded our expectations. It was a great experience - I highly re...

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Gabi is hands down the best realtor we have ever worked with. She knows everything about the marketplace, the local service providers needed for support, and is absolutely delightful to work with. She was completely committed to making sure we got a ...

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We were SO fortunate to randomly connect and work with Gabi in purchasing our home. Not only is she completely knowledgeable of the area but also made the process of buying a home such a stress free process. Of 4 offers on our hopeful home, we were...

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Gabi is the best! She was a great resource for us while we were preparing our house prior to listing it for sale. She is very experienced, highly professional, and has always responded to all of our questions promptly. Through her vast network of ...

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Gabi Bergstrom Durango Real Estate Remax Logo
970.946.7522 GabiBergstrom(at)gmail(dotted)com RE/MAX Pinnacle
1221 Main Ave. Durango, CO. 81301
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