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Bryan R. Lovell
- 42 Helpful Answers
- 79 Answers
- 1 Blog post
Web sites:
Profile Link:
Experience:
Real Estate Professional for Century 21 North Homes Realty, Inc
March 2003—present
Specialties:
Snohomish County & North King County. Residential and Land.
Interests:
Camping, Hiking, Fishing, Backpacking, Family, & Games.
About:
Knowledge is Power
Knowledge empowers you to make the right decisions. I am able to answer your questions, educate you about the process, and supply ... show more
Knowledge empowers you to make the right decisions. I am able to answer your questions, educate you about the process, and supply ... show more
Bryan R. Lovell answered:
A short sale, as previously mentioned, is an "as is" purchase. When you first make an offer on a short sale the home should remain in the condition that you viewed it in. IF the home was gutted out like you said before you made the offer then all those details should have been taken into account when placing the offer. For example, the price, closing costs, etc.
Now, I know you said you are already under contract on this home. If you have yet to receive lender approval, you still have the option to renegotiate the contract. HOWEVER in doing so you will likely cause the short sale process to start all over again which in turn will delay your closing date.
I had a short sale that the lender took over 4 months to respond to the original offer. The BUYER eventually wanted to lower the price because the value of homes had come down quite a bit in that time. The Seller agreed to the price change and we ended up waiting another 3+ months to close. BUT all being said, they got approved at the lower price.
Peggy is correct in stating that the lender and seller will not likely do any repairs. However, you could ask for a credit in your closing costs to help offset those expenses some. But the amount of work sounds like it would exceed what you can ask for in closing costs.
Well I hope this information has helped.
Best Wishes,
Bryan Lovell
The Lamplighter
Now, I know you said you are already under contract on this home. If you have yet to receive lender approval, you still have the option to renegotiate the contract. HOWEVER in doing so you will likely cause the short sale process to start all over again which in turn will delay your closing date.
I had a short sale that the lender took over 4 months to respond to the original offer. The BUYER eventually wanted to lower the price because the value of homes had come down quite a bit in that time. The Seller agreed to the price change and we ended up waiting another 3+ months to close. BUT all being said, they got approved at the lower price.
Peggy is correct in stating that the lender and seller will not likely do any repairs. However, you could ask for a credit in your closing costs to help offset those expenses some. But the amount of work sounds like it would exceed what you can ask for in closing costs.
Well I hope this information has helped.
Best Wishes,
Bryan Lovell
The Lamplighter
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