You can contact me anytime at TeamResults@century21.com

Hey John, Thanks for yor input! I would be happy to show you what I have written up to get your feedback.


What is your e-mail address? I'll send you a copy of my draft.

Uh oh, you have an agent that needs some guidance. I know the market is dramatically different than here in the southern portion of California but I will share my experience with banks.

1. as James said most asset managers (the one's who work at the bank) price their properties taking into account expected repair expenses.
2. Asset managers don't think logically. Not that they're dumb (though, dumbing down your request helps), but they won't understand why you need a new roof or indoor plumbing when their listing clearly states "as-is".
3. Figure what you expect to be your costs to fix the important items, then take that number and ask the bank to do either pay down your points by that amount, or including a recurring and non-recurring costs credit clause in the purchase agreement.
4. failing number three, a repair request with estimates will result in either a credit for some or all of the expected costs or a complete denial and "go-fly-a-kite" response from the bank.

I would be happy to discuss my success with banks further if you would like to e-mail me. I would even be glad to consult with your agent if she wants a second opinion on the transaction.

Thanks James.


Is there a format of the list/letter that the banks are used to seeing. i.e. bullet points? legal line item style? I want it to be acceptable.



I'd ask my realtor, but she isn't sure herself. This is new territory for her.

Darin I would recommend that you talk with your agent about the best way to ask for a lower price due to repair issues. The lender should have been kept informed of the condition of the property and has it priced taking those issues into account.
I have been able to get a lower price due to repair issues when there are problems that are over and above what they normally deal with.
An example would be where the property was winterized but someone turned on the water. Or organic growth in the lower level due to the electric being turned off and the sump pump not working.

Good luck with your purchase!