Engineers Report (by Ray-N-Pa [PA]) May 6, 2021 8:46 PM
Engineers Report (by Robert J [CA]) May 6, 2021 9:21 PM
Engineers Report (by Landlord ofthe Flies [TX]) May 6, 2021 9:21 PM
Engineers Report (by BRAD 20,000 [IN]) May 6, 2021 11:04 PM
Engineers Report (by BRAD 20,000 [IN]) May 6, 2021 11:06 PM
Engineers Report (by FloridaNative [FL]) May 7, 2021 9:03 AM
Engineers Report (by Dave [MO]) May 8, 2021 10:31 AM
Engineers Report (by Ray-N-Pa [PA]) Posted on: May 6, 2021 8:46 PM Message:
I am selling another doublewide. This one is on a foundation and a couple of acres.
The mortgage broker is telling the buyers that they will need to get an engineers report saying that the foundation is structurally sound, I have not ever heard of such a report.
Any idea what such a report cost? Place is nice was financed PaFHA before and this buyer is going FHA.
--24.154.xx.x |
Engineers Report (by Robert J [CA]) Posted on: May 6, 2021 9:21 PM Message:
I had a buyer tell my broker that their lender requested a Termite Report and Clearance document. Just 1 week prior the buyer, a developer told his agent to tell me that he plans on knocking down the property and build townhomes. So why does he now claim to need a Termite Report and Clearance? Simple, they want something to leverage the price/deal.
I suspect it is the same game they are playing with you over the Engineers report. --47.155.xx.xxx |
Engineers Report (by Landlord ofthe Flies [TX]) Posted on: May 6, 2021 9:21 PM Message:
If you're the seller, then it's not your responsibility to obtain one or pay for it. It's just another type of inspection the buyer wants. They may also want a foundation repair expert to evaluate the slab. The foundation expert takes measurements around various points to determine how level the foundation is.
Since the buyer is relying on this info, they should pick the expert and pay for it. If you pick the expert and hire them then they may have a legal reason to dispute the findings later on. The bank probably wouldn't accept a report you hired out anyway. It would be like the tenant submitting their own credit report. The engineer will also look at drainage and slope towards the slab, etc.
The only things you would be expected to pay for is an updated survey and title insurance, the rest is either their responsibility, requirements based on the type of loan or negotiated as to who pays. --108.69.xxx.xxx |
Engineers Report (by BRAD 20,000 [IN]) Posted on: May 6, 2021 11:04 PM Message:
Ray,
Would a foundation contractor suffice?
Years ago I bought the HUD Sec8 inspector’s manual. Page one said if the market was strong the inspector was to increase the requirements. Could be the mort co is asking for more because they can.
BRAD --73.102.xxx.xxx |
Engineers Report (by BRAD 20,000 [IN]) Posted on: May 6, 2021 11:06 PM Message:
OR
The broker got his hands slapped by his boss for a previous deal that went sour due to foundation problems.
BRAD --73.102.xxx.xxx |
Engineers Report (by FloridaNative [FL]) Posted on: May 7, 2021 9:03 AM Message:
Agree mostly with Landlord of the Flies, except for the survey part. In my area, buyers pay for surveys and title insurance is negotiated in the contract (who pays owners title policy).
It is extremely unusual for a lender to request an inspection except for a clear termite. It sounds like your buyer is working with a difficult lender (if the insp request is valid) or the buyer is looking to get you to pay for an inspection. I wouldn't do it. It's on the buyer to get their inspections at their expense during the DD period. --99.56.xx.xx |
Engineers Report (by Dave [MO]) Posted on: May 8, 2021 10:31 AM Message:
Ray, out of curiosity who is the mortgage broker?
I am hearing that some large mortgage brokers, Wells Fargo appraisers also act like home inspectors. They don’t only wrap a tape measure around the house they look for issues with the structure, too.
--173.216.xxx.xx |
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