Real Estate "Pre-Settlement Inspections" Can Lead To Serious Problems.
Traditionally it is very common to have “problems” develop as a result of pre-settlement inspections. The reasons are that “violations” pertaining to 1) the warranted condition of the property and 2) governmental regulations are discovered. There are potentially 6 Situations that can take place when these violations are discovered and they are as follows:
Litigation (not common).
Delay of final settlement (not common).
Declare agreement of sale null and void (not common).
Home buyers are given a credit at the time of final settlement (common).
Home sellers agree to escrow money at final settlement to resolve problems (common).
Home buyers and home sellers resolve the problems between themselves (common).
I will be going into great detail about these 6 Situations in future “Real Estate Tip Of The Month” articles.
Agents’ Note: Phil Mitsch is America’s leading economic recovery, real estate, lending and motivational coach. He is also the real estate industry’s all time, top producing residential Realtor. His 1) biography, 2) testimonials, 3) seminar topics, 4) books, 5) videos, 6) audios, 7) economic recovery tips, 8) real estate tips, 9) lending tips and 10) motivational tips can be found at www.PhilMitschForAmerica.com. For further information, contact Phil Mitsch Enterprises in Cherry Hill, New Jersey at 856-665-6569, on Twitter at @philmitsch, or by email to firstname.lastname@example.org.