Foreclosure in 11725>Question Details

Rob11725, Home Buyer in 11725

In contract on foreclosed home in as-is condition. If hurricane caused damage b4 closing am I obligated to buy the home or does bank have to fix?

Asked by Rob11725, 11725 Fri Aug 26, 2011

Help the community by answering this question:

Answers

3
Rob, I do many 203k loans in Long Island and NYC area. I can tell you that I have a deal right now, were the bank is giving the buyer a credit for the damages caused in the storm. Banks will almost never do repairs, they are simply trying to sell the house in as-is condition, not make any repairs. If I were you I would look for some sort of credit, if they're even willing to do that.

On the flip side, you're not obligated to purchase the house being that the condition of it is not as it was when you initially saw it. But you should discuss it with your attorney. Depending on how the contract is drawned, you very well might be able to walk!
0 votes Thank Flag Link Wed Sep 21, 2011
Rob, I do many 203k loans in Long Island and NYC area. I can tell you that I have a deal right now, were the bank is giving the buyer a credit for the damages caused in the storm. Banks will almost never do repairs, they are simply trying to sell the house in as-is condition, not make any repairs. If I were you I would look for some sort of credit, if they're even willing to do that.

On the flip side, you're not obligated to purchase the house being that the condition of it is not as it was when you initially saw it. But you should discuss it with your attorney. Depending on how the contract is drawned, you very well might be able to walk!
0 votes Thank Flag Link Wed Sep 21, 2011
NO bank will loan you money if the house is no longer habitable; therefore, technically you can walk due to financing clause. And that doesn't mean the current bank will fix it for you even if you ask. They may just release you from the contract.
0 votes Thank Flag Link Fri Aug 26, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer