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SS Inspection
Hi all.. So, my husband and I got out of attorney review for a SS yesterday. My attorney advised me that I have 10days for inspection otherwise we "waive the rights to an inspection." I called my realtor to let him know and he said that we shouldn?t do the inspection until after bank approval. The issue that I am having is that my attorney said that if I don?t get the inspection within 10days that we can?t back out of the house if there is some serious inspection issues. My husband and I don?t want to dish out $600 for an inspection for a house that isn?t technically bank approved yet. However, I don?t want to wait until bank approval (these days who knows how long that?s going to take) only to find out that there is some serious inspection issues and we can?t back out. My question is.. What would you do?
Also.. If anyone has gone through a SS through BOA how long did the short sale approval take?
THANKS
Re: SS Inspection
My husband & I put a couple offers in on short sales, and the first one fell through. I totally understand why you don't want to inspect until you have bank approval. Our lawyer told us that we did not need to inspect until we heard from the bank. I'm so happy we didn't inspect right away because like you said, we would've been out $600 for a house where the ex-wife wouldn't even sign the papers! Maybe you could talk to another real estate lawyer? I'm sure your Realtor can recommend someone!
As for the length of time with BOA - I'm not sure. I've heard they can take a long time. Best of luck with everything! :-)
We also had to do that.
My husband and I had the short sale home inspected before we knew anything from the bank-- it was probably 10 days after our offer too. (So far we are not getting it because the bank won't come down enough for what we truly believe it is worth.)
It was worth it though, because it gave us the chance to lower our offer (we didn't though because what was wrong with it was correct) and we knew from there whether or not the wait would be worth it.
Sure, in the end, $400 was blown on nothing, but a short sale in itself is a chance you take, you have to roll with what you've got to do and you might get it or you might not. But yes definitely do the inspection, especially if it means you can pull out, it will also largely help tell you whether you even want to deal with it-- you never know what they will find!!!
I believe ours was BOA too, it took only a month and a half until we heard back from the bank.