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Belladonna219
HOT MAMA
Member since 2/07 2642 total posts
Name:
Belladonna219
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Short Sales & Engineers Report
If you put a bid on a short-sale when did you schedule your engineer to come in? Did you do it prior to the bank's approval?
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Posted 6/3/09 1:28 PM  |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Short Sales & Engineers Report
we had 10 days after bank approval to do the inspection and land survey....usually you do it after approval
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| Posted 6/3/09 1:45 PM |
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neenie
Member since 5/05 22351 total posts
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Re: Short Sales & Engineers Report
We had the inspection done before we put down the DP and signed the contracts. I had a different experience than the poster above me... basically, we did EVERYTHING before the bank approval. In our experience with a SS, the bank approval was the LAST thing that happened in the process. It took them 4 months to send the official 'approval letter' for the short sale. In that time, we had the inspection done and took care of everything else that needed to be taken care of. Once the bank approved the SS, we were able to close within a couple of days.
I couldn't see waiting out the whole SS process (which can take FOREVER) just to find out at the very end that the house is completely falling apart and needs more work than you ever imagined. We were able to look at the engineers report and decide if we were comfortable with the state of the house before we committed to the house and the process. It's a small risk that you'll lay out some money for a house that you may not end up getting, but for us, it was VERY worth it in the end!
Good luck!
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| Posted 6/3/09 2:02 PM |
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Bean08
LIF Adolescent
Member since 3/09 795 total posts
Name:
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Re: Short Sales & Engineers Report
Posted by neenie
We had the inspection done before we put down the DP and signed the contracts. I had a different experience than the poster above me... basically, we did EVERYTHING before the bank approval. In our experience with a SS, the bank approval was the LAST thing that happened in the process. It took them 4 months to send the official 'approval letter' for the short sale. In that time, we had the inspection done and took care of everything else that needed to be taken care of. Once the bank approved the SS, we were able to close within a couple of days.
I couldn't see waiting out the whole SS process (which can take FOREVER) just to find out at the very end that the house is completely falling apart and needs more work than you ever imagined. We were able to look at the engineers report and decide if we were comfortable with the state of the house before we committed to the house and the process. It's a small risk that you'll lay out some money for a house that you may not end up getting, but for us, it was VERY worth it in the end!
Good luck!
I agree - we did the same thing. I think we had the engineer in to see the house the same day as we put in the offer (it might have been a few days after...) but we definitely didn't wait!
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| Posted 6/3/09 3:01 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Short Sales & Engineers Report
After talking to a few engineers they told me they can not inspect things that are not on so they won't guarantee it. Such as gas, oil, heating, water, electric - etc They can only do a visual inspection if those items are shut off.
Not that is bad just something to consider. And yes for a ss you would bring the engineer in before the bank says yes since it will take months to get the approval. For foreclosures its different.
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| Posted 6/3/09 3:02 PM |
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Bean08
LIF Adolescent
Member since 3/09 795 total posts
Name:
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Re: Short Sales & Engineers Report
Posted by Nifheim
After talking to a few engineers they told me they can not inspect things that are not on so they won't guarantee it. Such as gas, oil, heating, water, electric - etc They can only do a visual inspection if those items are shut off.
Not that is bad just something to consider. And yes for a ss you would bring the engineer in before the bank says yes since it will take months to get the approval. For foreclosures its different.
Very good point. That's what was told to us, and we kind of just had to hope everything was working, which isn't fun. For us, the sale was "as is" anyway (which I think most ss are...) so even if the things didn't work, it was all our problem.
ETA: For us, we weren't overly worried because the house was basically new construction, so we had a peace of mind with that...
Message edited 6/3/2009 3:08:34 PM.
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| Posted 6/3/09 3:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Short Sales & Engineers Report
we have an offer in on a foreclosure
we are waiting for the bank to approve before we pay the engineer to come
we already have a general idea about the houses main issues
at this point we already know we wont be moving in- but if the price is right we will buy it and flip it
we thought about it more and the house needs too much work to make it work for us and we would out grow it way too fast
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| Posted 6/3/09 3:08 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Short Sales & Engineers Report
the short sales we were looking at were new construction (less than 5 years old) so we weren't too worried about major things being wrong with the roof, plumbing, structure...
our REA said there was no point in having an inspection done b/c we didn't even know if the bank would accept our offer - we didnt want to lay out money on a house we might not even get....
in our contract it stated that all utilities would be turned on and available for the inspection period (which was 10 days after acceptance) so we didnt have to worry about that either
im glad we waited b/c we didnt end up going through with the house - so we would have wasted $$ and time on the inspection.....i would wait until you got approval - short sales are screwy and the chances of making it to closing can be slim....
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| Posted 6/3/09 3:27 PM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: Short Sales & Engineers Report
Posted by Nik211
the short sales we were looking at were new construction (less than 5 years old) so we weren't too worried about major things being wrong with the roof, plumbing, structure...
our REA said there was no point in having an inspection done b/c we didn't even know if the bank would accept our offer - we didnt want to lay out money on a house we might not even get....
in our contract it stated that all utilities would be turned on and available for the inspection period (which was 10 days after acceptance) so we didnt have to worry about that either
im glad we waited b/c we didnt end up going through with the house - so we would have wasted $$ and time on the inspection.....i would wait until you got approval - short sales are screwy and the chances of making it to closing can be slim....
I noticed from one of your other posts on this page that you were looking at houses in Florida. I just wanted to say to the OP that the process in FL is much different than that in NY, so this information may not translate to your situation 
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| Posted 6/3/09 5:49 PM |
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