Rental Property Investor · Jacksonville, FL · Member since 2017 · 56 posts · 13 votes
I had an inspection on a house done at the end of August. We have been negotiating repairs, lining up repair estimates, and have finally come to an agreement on repairs. Seller will cover all repairs and pay the vendors out of escrow after closing, at which time repairs will be scheduled. My question is, now that almost 2 months have passed, should I order a 2nd inspection since it has been a few weeks?
It depends on how complicated is the original inspection report and your comfort zone. If it's an out of state property, it may be wise to use the original inspector to do a 2nd follow up inspection.
Who is holding the escrow money? Assuming it's the title company or attorney, they would need proof from the vendors that the job is done, before the money is released to be paid to them.
Investor · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
8y
Make sure someone reasonably competent checks that all the items have been completed appropriately before closing. Whether that's an inspector or yourself.
Otherwise, I don't see the need for a second inspection.
Around here, the day before or the day of closing there's a walk through to check if anything significant has changed. (Holes in the wall from move out, tree through the window, heat still works, water still runs, etc.)
Any issue can be dealt with prior to or at closing.
Rental Property Investor · Jacksonville, FL · Member since 2017 · 56 posts · 13 votes
8y
@Tom Gimer The thought was to see if anything else changed in the past two months.
@Mike McCarthy The inspection repair items will not be fixed by closing. The repair funds will be held in escrow for me to schedule repairs after closing.
It sounds like a walk through the day before closing will be sufficient.
