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Harcourts Beverly Hills

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.

Recent Reviews

Thank you Glen for all the hard yards you put in for us on Saturday to obtain the results we did. Your knowledge of the industry is invaluable and to combine this with your enthusiasm, professionalism and positive nature is peace of mind for any prospective vendor. We were extremely pleased to have you on our side throughout this process.

Andrea D.

Your ability to successfully manipulate and read the potential buyers art my auction resulted in a more than satisfactory sale price. I feel comfortable contacting you anything with questions about future purchases.

John & Leanne E.

Alex and Deanna are the only people I would recommend with complete confidence. They far exceeded any expectations I could have imagined. I handed over the keys to my home and they handled everything extremely quickly getting it on the market. The staging made our mid-century modern home look like a model! The process was totally turnkey from staging, marketing, open houses with follow up and negotiating on the many offers we received after the first open house. We sold the house for K over asking!!! To top it off, they are the nicest people to work with and always go above and beyond. It is a no brainer... they are the BEST!!!

Jacque M.

Alex and Deanna made the process of buying our first home seamless. They are an amazing team and went above and beyond every step of the way. I cannot recommend them enough. We will be clients for life!

Michael M.

There are very few professionals like, Brooke Coutinho. She masters the fine art of communication, kindness, and intelligence when completing any task at hand. I have the honor of working with Brooke and our international women’s real estate group called, Real Women In Real Estate Los Angeles. As a real estate professional, homeowner, and investor I have 100% confidence in Brooke and honestly, I wish I could steal her away to work with me. She is the proverbial unicorn in our business.

Louisette G.

I have worked alongside Brooke Coutinho for approx. 5 years. During this time I found her to be extremely helpful, so efficient and always professional! I would love to have Brooke in my team and or have her assisting me with a transaction as I know I could always rely on her to provide the best outcome possible! If you need any further information please feel free to contact me.

J. Royston

Elise is a mind reader! Well, not really BUT when I told her what my must-haves were, she listened. And, when I told her where I wouldn’t compromise, she got it. Time is precious and she respected that and didn’t waste my time by showing me homes that didn’t work for me. That’s important to me.

Ellen G.

Christine helped us with our relocation from the Central Valley recently. We had a very specific timeline as this was a work relocation, a specific lists of wants, budget and knew nothing about the area. Christine was respectful of all this and got us in our home with all boxes checked. Honestly, couldn’t be more pleased. A true professional and would highly recommend her. We are beyond happy, and fortunate, to have had Christine on our team.

B Taylor.