Damage: If damage is indicated, then the lender or buyer might need to examine the damage before repairs are performed. This is their right. If repairs exceed your liability, you have the right to cancel the deal. However, you will still need to do the repairs for the next buyer, and all negative reports must be disclosed to all future potential buyers. This is the law. Wood Rot: If the property is cited for wood decay (and expect this to happen in at least 50% of all deals), then the lender will either require that the repairs be done, or they may send out an inspector to determine whether the wood decay has caused any structural damage. If the inspection determines the wood rot to be cosmetic only, then you might not have to do anything about it. Most wood decay problems are not very expensive to correct. After treatment and/or repairs are done, the lender may require another inspection by the pest company or by their own inspector.
11. Moving Logistics:
If you have not done so already within the last 10 days before the scheduled closing date, you should notify your power, phone, gas, and cable companies, and any other utilities you might have that you will be terminating service for the day of closing.
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