A Headache Avoided— by Kathy Sollien
Thinking of selling your house or already on the market? Take a walk around with your Realtor and look at what could be potential issues that may arise with buyers or even their mortgage companies. With the new banking regulations, we are finding issues that rear their ugly heads almost at the last minute, leaving little or no time to address them.
Take for instance an old furnace or the presence of asbestos in the basement. Depending on the type of financing, the appraiser may be required to note specific items on his report and although the determination of value may be adequate for the sale, once the final underwriter reviews this document – it is a good possibility that they will require documentation that the furnace is in working order and that any asbestos be removed or contained before they will issue a mortgage commitment.
Now comes the fun part, especially when dealing with asbestos. This permitted process is not cheap or quick to resolve and can not only delay the closing significantly but can also cause the sale to fall apart. It is best to be one step ahead of any potential problems and to take care of them long before it becomes a real headache. It will save you time and money in the long run.
Kathy can be reached at Remax Maple Leaf Realty, Bennington, Vermont.
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