Saturday, September 12, 2009
Ordering surveys
We've always (well only for the past 21 years) ordered surveys on behalf of our buyers based on verbal assurances about the certainty of closing from their loan officer - basically whether the buyer would be approved and whether the appraisal would come in at contract price. Now we're getting some criticism about waiting until the appraisal is done - should we have the buyers pay up front for the survey or just quit ordering surveys altogether? Let me know what you think?
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Surveys are an essential part of any closing. Banks require them and even those purchases which are all cash, it's still good sense to have one.
ReplyDeleteWhen I sold my house, the Survey was ordered before the appraisal was complete, but after they qualified for a loan. It actually turned out the Apprisal was fine, but the buyer's loan ended up being mis-represented to them and the deal was in jeopardy. All ended well. To protect yourself, I would have the buyer pay for the survey out of closing in advance. If they balk, there is something seriously wrong with the buyer!