We continue to have issues with Inspection Reports and getting required repairs done prior to close of escrow. Once again, if a Purchase Contract references ANY reports at all (even if the contract has “AS IS” plastered all over it), ALL lenders will request copies of those reports. Lenders will then request all necessary repairs to be completed.
We suggest strongly that ANY AND ALL REPORTS get referenced only in addenda that we do not have to see (unless you are certain the property is sparkling clean). Please feel free to call or email to discuss this.
“Necessary Repairs” include all “Section I” items referenced in a report; and all “health and safety items” referenced in reports or by an appraiser. Health and Safety items are things like a broken stair, a missing deck board, a broken furnace, etc. “Health and Safety” item repairs are largely at underwriter discretion.
https://www.jvmlending.com/wp-content/uploads/JVMLending.firstname.lastname@example.org://www.jvmlending.com/wp-content/uploads/JVMLending.email@example.com 13:00:172020-04-20 20:45:38We Need Clean "AS IS" Contracts; What Are "Necessary Repairs"?