Property Survey Question???

m29 — Fri, 27 Apr 2012 12:10:36 GMT

I have a question about obtaining a property survey! The sellers bought the house Feb of 2011 and had a survey done. When we drew up our Purchase Agreement we stated that if our bank approved it (using the survey from 2011) then that would be okay with us. The sellers were hoping that would be ok, because if a new survey is required then it is the sellers expense, correct?

So we recieved the initial GFE from MB and a survey is not listed on there. Recieved a secong GFE from the actual Bank that we are getting the loan through and again still no Survey listed on that one! I am pretty sure that a survey is required. Is that up to the discretion of the Bank whether they require one or not? If one is required who orders it? If it's not listed on the GFE does that mean it's not required?

Thanks for any input on this, just trying to get all my ducks in a row! Still waiting on the Appraisal report and hoping to close May 20!

Re: Property Survey Question???

StartingOver10 — Fri, 27 Apr 2012 15:42:48 GMT

m29 wrote:
I have a question about obtaining a property survey! The sellers bought the house Feb of 2011 and had a survey done. When we drew up our Purchase Agreement we stated that if our bank approved it (using the survey from 2011) then that would be okay with us. The sellers were hoping that would be ok, because if a new survey is required then it is the sellers expense, correct?

So we received the initial GFE from MB and a survey is not listed on there. Received a second GFE from the actual Bank that we are getting the loan through and again still no Survey listed on that one! I am pretty sure that a survey is required. Is that up to the discretion of the Bank whether they require one or not? If one is required who orders it? If it's not listed on the GFE does that mean it's not required?

Thanks for any input on this, just trying to get all my ducks in a row! Still waiting on the Appraisal report and hoping to close May 20!

Look at your purchase and sale agreement to see who is responsible for the survey costs. In our area the lenders require surrey's to make sure there are no encroachments on the property and to see where the easements are located. If you are in an area with well and septic, they will require the surveyor to show the location of the well and septic too. The survey is also required for your title insurance.

You can use a previous survey if you go back to that surveyor and he certifies the survey into your name and the lenders name. The exact survey certification that is required by your lender can be obtained by the lender. In our area, the buyer is responsible for the survey costs because it is part of the loan process. I am surprised that the LO didn't put in an estimate of cost for your survey in the GFE. Here you can't get a loan without the survey being updated and certified to the buyer and the lender. If you are a cash buyer, then the survey is optional, but recommended especially if there are fences, outbuildings and other potential encroachment and easement issues.

topic Property Survey Question??? in Mortgage Loans

Property Survey Question???

Re: Property Survey Question???