Home Buying in Detroit>Question Details

Shay Moore, Home Buyer in Detroit, MI

Is it possible to request to modify the purchase price of a property after a private inspection?

Asked by Shay Moore, Detroit, MI Sun Feb 10, 2013

Is it possible to request to modify the purchase price of a property after a private inspection reveals more damage than seen when the offer was made?

The property is bank owned and my offer has been accepted. I opted to have a private inspection & the inspection has revealed several different defects that were not able to be seen with the naked eye. For these reasons I would like to reduce the amount that I offered and my agent is telling me I don't have that liberty...is this accurate? Please keep in mind that we are 15 days into the process & scheduled to close in 2 weeks.

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Shanna Rogers’ answer
Hi Shay,

The reason you have an inspection is to find unknown damages. That said, the bank most likely didn't know of them and most (if not all) bank owned properties are sold 'as is' for this very reason. However, if you don't ask, they for sure won't reduce the price. Ask your Realtor to submit an addendum. Worse case, the bank says 'no'. Best case, they say 'yes'. You won't know if you don't ask. If they say 'no', then you have to decide if you want to move forward with the purchase or cancel contract (if you can per your purchase agreement). Your Realtor works for you so if you want them to submit an addendum, they have to.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Sun Feb 10, 2013
This is true for any sale, you can ask all day long about anything you want. The seller (bank in this case) can say yes or they can say no. It's that simple.

I hope you have a Realtor working with you, they can make an argument to the bank about what was found, but I will tell you the bank will probably say the price reflects the condition -- which is like saying NO.
0 votes Thank Flag Link Sun Feb 10, 2013
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