Home Buying in Villa Park>Question Details

franco4359, Home Buyer in Northbrook, IL

Im looking to purchase a REO property and the property has Racoon Infestation all over the attic and under the jacuzzi.

Asked by franco4359, Northbrook, IL Wed Jun 19, 2013

The question that i have is we discovered there is racoon Infestation when the inspection was done. since its a serious health hazard should i ask the bank to fix it, or can they get that fixed along with other safety hazards that are mentioned on the report even though the property is being -Sold As Is. the other question i had was if i should ask them to lower the price of the property and i can get that fixed by hiring a contractor.

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2
Jim Elder’s answer
Typically the bank will not do any repairs on aProperty being sold as is. You really have two courses of action. You should always first have your attorney send the inspection report and ask for a disposition based on what is found. Then you can Ask for a reduction in price to have the work done yourself. The other optio is to walk away if you cannot do any of the work without a reduction fri. The bank.

This will really show you how much you want the home. Good luck.
0 votes Thank Flag Link Wed Jun 19, 2013
Thank you very much, that is exactly what i did, the property is a Homepath renovation, and did ask that if they do not want to go forward with the repairs that i wanted a price reduction and then i would get financing through the lender to do the necessary repairs. Now its been said and done i am just on hold while a decision is made among them. I think i would prefer for the price reduction. it might give me some more room to upgrade the furnace, and boiler and possibly kitchen and that's only after the main problems are fixed first. the property was originally listed for 159k and i had to put in a higher bid on the property which was 169,500, now with what was found its between a 12-43k in repairs or renovations im wondering if they might go ahead and cancel the contract and sell it to a contractor or anyone else? what price would you recommend that i start off at if the property was originally listed at 159k and i offered 169k before the racoon infestation, any info appreciated
Flag Wed Jun 19, 2013
You can always ask for either. That is part of your inspection contingency. Infestation is something that they would need to fix anyway if you did not buy. But this can be an easy and fairly inexpensive fix. Ask - all they can say is no.
0 votes Thank Flag Link Wed Jun 19, 2013
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