Home Buying in 08611>Question Details

Mohammad  Sh…, Home Buyer in Chestnut Park, Trenton...

Hi i have one house in my contract .private inspection find out termite damage and also rain water come from foundation . i get some credit from bank

Asked by Mohammad Shah, Chestnut Park, Trenton, NJ Tue Oct 29, 2013

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Bank owned properties are usually sold as is. If the inspections reveal too much work for you, check out your inspections clause in your contract. Usually the attorneys will protect their clients and give you a way out, should the property need too many repairs.
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0 votes Thank Flag Link Wed Oct 30, 2013
It sounds like you are buying a bank owned property? Your agent can try, but depending on the extent, it's not likely the bank will credit you. They may take care of the termite damage, but don't count on it. That's generally why they are priced low to begin with.
0 votes Thank Flag Link Tue Oct 29, 2013
Hi Mohammad,

You can ask the bank, but short sales and foreclosures are pretty much "as-is" and I am positive you were fully aware of that going in. Do you have an accepted offer? If not, why even bothering doing an inspection? If you do not have an accepted offer from the bank, you can ask anyway.. It will definitely help determine whether or not the bank will even accept the offer.

Just from experience and guessing where you are at in the transaction. I have learned that agents with little or no experience in short sales have their buyers enter attorney review and waste money on inspections when they do not have an accepted bank acceptance in writing.

Either way.. ask. All they can say is no.
0 votes Thank Flag Link Tue Oct 29, 2013
What is your question specifically?? The best person to ask would be your REALTOR. Hopefully you have one representing you as a Buyer's Agent. If there are serious inspection issues, you can always ask the bank to drop the price by XX in lieu of making repairs. They might say no, but you can at least ask.
0 votes Thank Flag Link Tue Oct 29, 2013
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