Will bank take an existing phase 1?


#1

I am confused if a bank will require their own phase 1 as part of loan financing? Or will a phase 1 that’s done by a buyer during due diligence suffice?
Basically - are you paying twice for the same report when buying with bank financing?


#2

You do the phase 1 as the buyer and show it to the bank. They do their own appraisal that you pay for at closing.


#3

Unlikely. They are only good for 1 year, and after 180 days they have to be updated. If it’s less than one year old, they may take it.