Home Buying in 32824>Question Details

Theresa Hans…, Renter in Orlando, FL

I've viewed a home that's a short sale. It needs repairs.

Asked by Theresa Hanson, Orlando, FL Sun Nov 25, 2012

The repairs are significan and involve electric and plumbing. How can I find out how much the repairs would cost before making an offer?

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6
Theresa,
I live in Wyndham Lakes for over 3 years, give a call.
Mike Wald
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0 votes Thank Flag Link Mon Nov 26, 2012
The idea of taking a contractor with you is a good one. A realtor will only give you a very rough guess.
0 votes Thank Flag Link Mon Nov 26, 2012
Thank you for inquiring on TRULIA. I live and work in this area, and am VERY well versed with Short Sales and other distressed properties. If you have a particular property in mind, please e-mail me directly carlrealtycenter@aol.com, and I can research it further for you.
Regards,

Carl Head
Realty Center
407-832-4650
0 votes Thank Flag Link Sun Nov 25, 2012
Hi again Theresa

Give me a call to check the house, I live here in Wyndham Lakes!!!!

Mike Wald
0 votes Thank Flag Link Sun Nov 25, 2012
Theresa,
Be careful, if you already know about these repairs you don't want to lock yourself out of other issues which may come up in the inspection. In a situation like this I would discuss the issues you already know about with some contractors and make an educated guess. Your offer should still contain an inspection contingency which I wouldn't do until the offer is accepted by both the seller and the bank. Because the seller in a short sale usually doesn't have the resources to do any repair work, your inspection will be to determine if you want to buy the house or walk away. You may be able to get the bank to make an adjustment after approval, but this is uncommon and only likely if you are truly prepared to walk away.
Some last thoughts, if you are prepared to buy a short sale with significant issues you need to make certain the repairs won't hold up financing or you need to get a rehab loan to account for them. Discuss the issues with your lender before you get too far along. Also realize that the short sale process is 90 to 120 days or more with no certainty it will be approved. Have your agent research the listing agent’s track record of closing short sale listings. Some are very good and close most, others don't.
0 votes Thank Flag Link Sun Nov 25, 2012
If I were you I'd schedule a follow up showing or two, and bring contractors with you. If the property has significant issues like that, I would imagine it is vacant, is this true? If so, that should make it easy for you to schedule follow up showings. I would also assume that the owners are aware of the issues you speak of, so they should understand that you need to get quotes on how much it would cost to remedy these problems. Good luck!
0 votes Thank Flag Link Sun Nov 25, 2012
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