Why Wait To Do an Inspection on a Lakeland FL Short Sale?
When buying a Lakeland FL Short Sale, time and patience is key to a successful short sale transaction. Home Inspections are generally carried out after the seller accepts the buyer’s offer during a traditional sale and bank owned property, which is usually completed within a couple of weeks.
Generally, Lakeland homes for sale as short sales are being sold as-is with right to inspect. So, why would a buyer want to wait until receiving an approval from the seller’s lender?
Buyers would argue the time of inspections due to lengthy process receiving an approval for the short sale. However, the sooner the inspection is completed, the sooner the buyer can move on to another property should the property require extensive repairs. The buyer can exercise the right to cancel the contract.
Buyers also argue that they don’t want to spend the money on a home inspection fearing the short sale does not get approved. On the contrary and in my experience handling Lakeland FL Short Sales representing mostly buyers, by being proactive as a buyer completing an inspection prior to lender approval is testimony that there is an interest in the property in which the lender just may speed up the process.
More importantly, a buyer requesting an inspection after short sale approval can’t expect the lender to approve the buyer’s laundry list of repairs. Buyers may have a better chance receiving a credit for repairs when the short sale package together with the sales contract is submitted to the lender after the home inspection is completed.
After all, as a buyer receiving a nice discount on the Lakeland FL Short Sale will make up for a few hundred, perhaps a few extra hundred dollars spent on a homeowner inspection.
Waiting three, six or perhaps nine months until the lender approves a short sale is really a waste of time for the buyer to do a home inspection.