Friday, October 1, 2010

New Listings
Click on the "New Listings" button to see agent view profiles of today's new listings.
MLS# 1607126 - 6019 Cottontail Tr, Madison - 2 bed/2.5 bath - $173,000 - Lyschel Bersch

New Accepted Offers
MLS# 1603092 - 122 Vega Drive, Arlington - Karen Skor

Credit Tips
Many of you have received my “Weekly Credit Tip” in the past. Now, please follow my blog at http://creditcoachplus.wordpress.com/ for the latest credit news and information. Thanks!

Kevin Weier, Credit Data Analyst
CREDIT COACH, INC

WRA Legal Hot Tip
Q. The home inspection was completed and the inspector recommended a qualified person inspect the cracks found in the foundation. The buyer’s expert looked at the property and reported that the house was structurally fine at this point in time. A couple of days after the expert’s inspection, the buyer’s agent e-mailed the listing agent indicating that buyer did not like contractor’s answer about the foundation cracks and does not want to buy the property. The buyer’s agent was informed that sellers were going to get legal counsel.

Later that day the listing agent was informed that buyers wanted a second opinion and that the second expert was going to be the buyer’s broker’s brother. Does the seller have to allow this second inspection on the property since the buyers already had a foundation inspection performed? There is concern that since the second inspector is related to the buyer’s broker that this may influence the results of the inspection and the buyers may use try to use that opinion to get out of buying the property. Must the seller allow the second follow-up inspection?

A. The offer to purchase provides; “Buyer may have follow-up inspections recommended in a written report resulting from an authorized inspection performed provided they occur prior to the deadline specified at line 423”. The offer neither expressly grants nor prohibits multiple follow-up inspections. There also may be an issue over whether the buyer’s broker’s brother constitutes “qualified independent inspector or independent qualified third party” per the standard on lines 415-416 and whether that standard applies in these circumstances. The parties can discuss whether to allow access for the additional follow-up inspection, and if allowed, who would be authorized to conduct the follow-up inspection, with their attorneys.