Lender required inspections before closing. This is because we just had this winter storm, right? There’s a bunch of different things going on.
Lender Required Inspections
So, Shana, to tell us a little bit about this, so a lot of times your insurance company will require, you know, if they know they’ve got an upcoming closing and they’re going to be newly insuring a property, they’ll have someone come out and just double check it before they can issue the policy, correct?
Well, now we’re hearing that lenders are requiring a, you know, an inspection just to make sure that the House is still in good condition before they land on it. So I know HUD came out with with a requirement for anything that’s backed by the federal government, but conventional loans as well. I’ve heard. So lenders are wanting to protect themselves, so they’re requiring a third party inspection.
This is something you as the buyer would, you know, your buyer would be responsible for, OK, to do. I’ve heard some lenders are requiring just photos, just you take your own photos and then some are requiring full inspections and they must have that. I’ve also heard that some are requiring the appraiser to go back out and do the inspection, which can really start to add to your delay time of closing.
So I did get an email yesterday, funny enough, from Texas inspect. So they’re an inspector that we know. They said that they would come out and do the inspection for one hundred fifty dollars. So if you want a lot of us, we should be telling our clients if we do have an upcoming closing, to always have a reinspect done, especially if if repairs were done prior to closing. You want to make sure that they’re done correctly and that they’re documented.
So Texas, back to on that situation there. Did they have to do the first inspection? No.
Ok, so they’ll basically do like a storm inspection to ensure that they’re just coming back to see if there’s anything.
Ok, so maybe if you have a listing in your the selling agent. Yeah, right. Maybe it would be a great idea if you don’t want to have the property delayed in closing and find out if you have any closing soon and just pay that 150 bucks just to have that piece of mind, send that over to the lender, be like, hey, everything’s fine here because, you know, it’s something that you want to do with. So closing on time is important to you then maybe go ahead and kind of a bad boy out. Yeah, yeah.
But just be, you know, plan for this. Don’t wait for the lender to come back and tell you you need it. Start being proactive and and make sure that you handle this to avoid even more delays. Perfect. I think that’s amazing. All right. Great info, Shana. Thank you. All right, so here we go.