esrosedotblog

PASSED INSPECTION

Today was inspection day at the old house.

It took five hours. I was expecting two so assumed things were going to end up badly.

Broker Dan said that it was mostly that the guy was slow. Not the sharpest knife in the set.

The buyer, himself, was there along with the two brokers, his and ours.

The good news is that the house passed the inspection. There is no bad news. The inspector declared the major elements (roof, AC etc.) to be in fine shape with the rest being a normal wear and tear for an older home.

Good.

The inspection process has become a sore point at all real estate transactions so that many people, like us, simply stipulate that there will be no repairs or change in price based on the inspection.

It is done at the buyer's discretion and is a good idea because it does provide expert data for due diligence. In effect, a punch list to be dealt with later on as the buyer takes over and does his or her own repairs.

That said, we did go back for an adjustment after the inspection on the condo. There were a few larger items that were not stated on the seller's disclosure statement. The slider in the living room binds. Needs a new track. All the screens are in bad repair.

So we got a thousand dollars to cover it. Sort of. Reparations.

Another hurdle crossed.

The next big one is the appraisal for the buyer's mortgage which should not be too serious as he has 2/3 of the cash or something like that. In any case there is enough to cover any discrepancies. Appraisals are very difficult now, here in the desert. Even for our neighborhood.

The comps are all messed up with short sales, foreclosures and the like while many sales, like ours, are being carried out at pretty much straight market value. Twice what it was when we bought.

Labels: condo