We had an “as is” transaction blow up last week b/c the appraiser referenced (rightfully so) some very negative inspection reports that were posted and referenced on MLS. The rookie listing agent forgot to clean up the MLS comments after the contract was ratified. We were able to salvage the transaction, but not without significant expense and delay.
This is just a quick reminder that appraisers and underwriters are required to peruse the MLS, purchase contracts and even social media sites for all references to inspection reports and condition and structural issues.
If any reports or condition issues are referenced, underwriters will always request them and then require all Section I items, all structural issues, and all health and safety issues to be repaired prior to close.
Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646
