MemorialDayLoans standards are high right now.  Many standards being met were always there but are being adhered to on a more consistent basis.  I have had a number of questions lately about loans being held up at the last minute for missing information.  However, the information are items such as, “Termite/Pest Inspection,” located on page three of the RPA.  

Here’s the issue.  If you request the inspection on behalf of your buyer, the lender will seek that inspection out and ensure that it was gained.  This follow up by the lender is good, and for the benefit of the buyer.  But this type of follow up may not be something to which you are accustomed.  The Receipt & Acceptance or Waiver of items/information concerning Purchase  was created to assist you in minding your sale as a result of escrow and lenders not collecting information we felt you and your buyer should be concerned about. 

But note, if the inspection requested is not gained, the lender will now require you to have your buyer sign that they are waiving a right that they requested within the RPA.  This can case unnecessary delay. 

The more organized approach to a sale is to discuss with your client the inspections they desire.  If they want the inspection, or think they do, but do not perform later – fine – request the inspection and deal with its non-occurrence.  However, be careful not to simply check every inspection if your client did not request it.  Have a meaningful conversation with your client to discover which inspections she believes she will be gaining.  It can make their closing smoother.

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