We often have short close of escrow periods involving properties in need of repairs (furnace not working, pool issues, broken garage door, a visible leak in roof, etc.).
Usually, if we wait to do the appraisal until after the repairs are done, we will not be able to close on time. The solution is to have the appraisal performed immediately “subject to repairs and completion.”
We simply tell the appraiser what repairs we are having done, and he will appraise the property as if they are done. But, he and the underwriter will require a re-inspection to verify they are done prior to close.
The re-inspection typically costs about $150, but this is a small price to pay in order to close on time.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646
