Thread: Lender says who can inspect?

This was an interesting attachment to a recent e-mail I received or was "cc'd" on. The client wanted to hire me but his agent told him the lender needs to "approve" me first?

The crap agents and lenders tell their clients!

BrXXX, (name removed)

They said the sellers survey should be fine. Using your own inspector will be fine, but the lender has to approve them first. If you can give me the name, company, and number of the inspector you want to use, I will pass it along to the lender so they can get approved.

Thanks,

BrXXX (name removed)

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I wonder what the "approval process" is. Most likely it is nothing more than checking to see if the inspector is on the black list.

Ken,

A copy of that email should be forwarded to TREC along with the name of the agent and the broker.

Smells like BS to me.

rick

The lender has nothing to say about it. The Texas Real Estate Contract states:

From the TREC Sales contract-- as follows:7. PROPERTY CONDITION:A. ACCESS, INSPECTIONS AND UTILITIES:Seller shall permit Buyer and Buyer's agent access to the property at reasonable times. Buyer may have the property inspected by inspectors selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections. Seller at Seller's expense shall turn on existing utilities for inspections.

If the seller and the buyer sign the contract... that's all that matters. The lender has nothing so say about a legally binding document. This sounds like a agent trying to drop pigeon poo on his own document.

rr

The lender has absolutely nothing to do with the home inspection. They can not even get a copy without the clients' permission or a court order (and then I woulod have them get it from the client instead of me). I could see it if you were doing an appraisal instead of an inspection. I would make sure that the realtor and the lender (if they contacted me) knew where they stood. In reality, you are probably the only one who is actually there to help the buyer. The realtor wants as much commision as possible and therefore will want to pust the buyers debt to income to the limit and the lender is right there to help with the 80/20 adjustable rate that will fit the buyers paycheck now, but not after they inflate the rates in a year.

The lender can require most anything. If you don't like their requirements you can go to another lender.
For years I have worked for certain banks for first time home buyers. They require an inspection and they require you to use an inspector on their list.

Captain

Mitchell,

What area are you in?

Ft. Lauderdale Fl