Home Buying in 06371>Question Details

Lilly, Home Buyer in Bluff Dale, TX

Offer on an unfinished house that is a short sale?

Asked by Lilly, Bluff Dale, TX Mon Apr 9, 2012

We are interested in a house that's listed as a short sale and just made an offer. It is an old, charming house in a great town, but the sellers started an addition 4 years ago that is maybe 1/2 way finished. The house is on for $399k, but immediately our realtor (who is also the listing agent) dropped the price to $351k when we saw the house for the first time. The biggest issue with this house is the big addition, it needs about $80k to finish, it is framed but not much else. There is no CO for the property as the permits have expired, therefore we needed to get pre approved for a construction loan.....which is not very easy to do. We made the offer of $325k for it- what are your thoughts? The current owners owe on 2 loans totaling $500k. This is a very stressful process!

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Get a different agent who is familiar with the area. Do not use a different agent from the same office, it will not work out in your favor. The agent that you have now should have told you that you have the option to go with another realtor at the time that you were looking at the property that he/she is the listing agent for, but they probably didn't because they are being greedy. They may have told you, as I was told, that they do it "all the time." You will not be properly represented in this scenario.

Get an aggressive agent with a good reputation who knows your market and who is not afraid to ruffle some feathers. Then get a great inspector for your home inspection and you should be on the right track.

Good luck!
0 votes Thank Flag Link Mon Apr 23, 2012
Does the phrase "PANDORA'S BOX" conjure up any images?
You must WANT this house!
This is an exercise in self abuse.

You are using the Listing Realtor
On a Shortsale
With an unfinished addition
That has no permits
You don't know what the house is worth,
And you don't know what the house will be worth IF you can ever finish the work,
And you undoubtedly will not get it passed the Appraisal.

Good luck and may God bless
0 votes Thank Flag Link Mon Apr 9, 2012
Past the bank appraisal? We have the permit issue squared away because we know the building inspector in the town. Should I have an as is appraisal done to show the bank why my offer is $325 on a listing of $399? Thank you for the help, I am persistent but I want to make sure not to be naive.....
Flag Mon Apr 9, 2012
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