Agent

Win the waiting game on short-sale inspection

REThink Real Estate
Published on Dec 22, 2011

Q: My daughter made an offer on a house, which the seller accepted, but it is a short sale and now we are waiting for the bank to accept the offer. In the meantime, the seller wants us to get the home inspection done so she is not inconvenienced. I think it is more about wasting her money if the bank does not approve the offer. I know it can take the bank a long time to approve, but we wouldn't get an inspection done if a seller did not accept the offer on a non-short sale. We are prepared to wait. Is this unusual to have an inspection done on a short sale before bank approval? A: It is unusual, though there are situations in which it might make sense, as when the property seems as though it might have some major damage that the buyer has built into a low offer, and both parties agree that the inspector's documentation of that damage might help the bank understand the contract price. I've never seen any hard data on the number of short sales that fall out of contract, but ...

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