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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.

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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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I have purchased and sold numerous properties over the years and worked with a variety of very good real estate agents. Gabi is the best of the best. I was an out of town property owner selling a 2nd home. Having a good agent was very important to...

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We have had two business dealings with Gabi and she is the most professional realtor we know! She is consistent , courteous and extremely knowledgeable about her listings and the area. She answers any questions in a very timely manner, sometimes befo...

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Gabi is a professional, competent, and pleasant realtor to work with. I highly recommend her.She presented a professional written marketing plan, including comparisons that supported her recommendations for a selling price.She was available and time...

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Gabi was such a pleasure to work with during our selling process. We sought her out after seeing her price point accuracy, yet received so much more as she is always so positive and professional! The advice she offered at various points along the ...

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Gabi was extremely knowledgeable and professional. We were very impressed with her ability to handle many items and issues at once. We would routinely receive e-mails from Gabi late at night answering questions or providing us with information.Than...

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We first met Gabi Bergstrom when she was showing a home we were interested in purchasing. She was friendly, professional and informative while still giving us enough time to look around and get a feel for the property. When the time came to sell ou...

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We have used many realtors both buying and selling properties over the years. Gabi is hands down the best we have had. We met Gabi as she was representing the sellers in the house we live in now. WE liked her then, and decided to use Gabi on the...

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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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