Real Property Inspections & Prior Inspections

 

Inspections From Prior Transactions:  In the current REO/Short Sale dominated environment there are many failed transactions.  Within these failed transactions there is, at times, a home inspection performed.  This ‘prior inspection’ may or may not be the reason for the prior cancellation.  Lately these ‘prior inspections’ have become an issue where a defect was discovered in the ‘prior inspection’ affiliated with the prior failed transaction, yet this defect is not noticed in the inspection of the successful transaction.  It is rare, but it can happen.

 As The Listing Agent, Attempt To Get A Copy Of All Inspections.  As you know in the Greater Las Vegas Association of REALTORS® Residential Purchase Agreement  Section 12(B) p. 7 Property Inspection/Condition, if a buyer cancels the purchase agreement due to a specific inspection report, the buyer is to provide the seller with a copy of the inspection report.  But what if the cancellation is to due to another reason?  Ask the selling agent for any reports gained by the buyer via email or facsimile. 

 As The Selling Agent, Request of the Seller, Any Prior Inspections In Their Possession:  When making an offer on a short sale or REO request of the Seller via p. 10, Section 28  Additional Terms, “Seller to provide to Buyer copies of any inspection reports in Seller’s possession concerning the property.  This shall include inspections prior to listing and/or any previous unsuccessful escrows.”  This information, can then be forwarded to your buyer.

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