Home Buying in Hudson>Question Details

Frank Schwir…, Home Buyer in New Port Richey, FL

We are trying to buy a sink hole repair home from the bank but the pump is missing on the well do they have to find it or is it up to us?

Asked by Frank Schwirian, New Port Richey, FL Sat May 18, 2013

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Answers

6
It depends on the bank, some government lenders. Fannie Mae and Freddie Mac and HUD homes may replace pump. In Pasco, there is a Neighborhood Stabilization Program that buys bankowned properties and rehabs them. They will be stated as NSP homes. Most other banks do not . They are sold as is. Buyer Beware. I am reo and foreclosure certified and would be happy to help you find a home.
0 votes Thank Flag Link Tue May 28, 2013
Ask for a reduced price of the home equal to the cost of the well pump.
0 votes Thank Flag Link Sun May 19, 2013
Ask for a reduced price of the home equal to the cost of the well pump.
0 votes Thank Flag Link Sun May 19, 2013
Bank owned homes are usually sold as is, meaning they will not fix anything. Where there is a sink hole you will want to get all the engineering reports and complete any due diligence before making an offer so you know what the cost to cure or repair is.
0 votes Thank Flag Link Sun May 19, 2013
Did you purchase this from the owner or is it an REO property?
0 votes Thank Flag Link Sun May 19, 2013
It is a REO. our main question is that no one seems to know where the well is because there is no pump. We have not bought the house yet still going back and forth with the bank
Flag Sun May 19, 2013
I'm surprised that a Bank would lend on something like that.
0 votes Thank Flag Link Sat May 18, 2013
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