Pacita Dimacali ePRO, SRES, CDPE, MBA, REALTOR,
Agent, Alameda County, CA
Nearly all REOs are AS IS Sales. They don't give credits or do repairs. They don't pay for inspections. A few will repair/credit for Section 1 items (on the termite report), particularly if this is a requirement to close escrow.
How much was your offer? How much did the bank foreclose on the property? Since you said your offer was accepted as the highest bid, presumably there were other offers?
If you request credits for repairs or a reduced price, the bank can cancel the contract, leaving the door open for other buyers to submit a bid. And...the inspection you had done on the property now becomes part of the disclosures that the bank can give to the other prospective buyers who can submit their offers based on that inspection.
Certainly there is a risk of your request being denied. But what does your realtor say?
How much was your offer? How much did the bank foreclose on the property? Since you said your offer was accepted as the highest bid, presumably there were other offers?
If you request credits for repairs or a reduced price, the bank can cancel the contract, leaving the door open for other buyers to submit a bid. And...the inspection you had done on the property now becomes part of the disclosures that the bank can give to the other prospective buyers who can submit their offers based on that inspection.
Certainly there is a risk of your request being denied. But what does your realtor say?
Web Reference: http://www.AlamedaHomefinders.com
Pacita Dimacali ePRO, SRES, CDPE, MBA, REALTOR,
Agent, Alameda County, CA
Terri
One of the first things I tell my buyers is not to fall in love with a house that they can't or won't walk away from should something come up that makes it difficult to move forward.
In your case, give it a shot. Armed with your inspections you can submit your addendum to reduce the sales price because of major safety and health issues that need to be addressed, and give them a copy of the findings. How much lower were you thinking of? There's a line between reasonable and unreasonable. You said they were giving you a 6% seller assistance --- was that supposed to cover your closing costs and other repairs? Are you saying that you'll need more than that?
Are you using a buyer's agent, or are you dealing directly with the seller's agent? If you're working directly with the seller's agent, and you say he "smells a sale" ask him/her if he's willing to credit you some $$ towards repairs, too, to close the deal.
Otherwise.....how willing are you to move forward with the deal if your requests are denied? Or should you walk and look elsewhere?
One of the first things I tell my buyers is not to fall in love with a house that they can't or won't walk away from should something come up that makes it difficult to move forward.
In your case, give it a shot. Armed with your inspections you can submit your addendum to reduce the sales price because of major safety and health issues that need to be addressed, and give them a copy of the findings. How much lower were you thinking of? There's a line between reasonable and unreasonable. You said they were giving you a 6% seller assistance --- was that supposed to cover your closing costs and other repairs? Are you saying that you'll need more than that?
Are you using a buyer's agent, or are you dealing directly with the seller's agent? If you're working directly with the seller's agent, and you say he "smells a sale" ask him/her if he's willing to credit you some $$ towards repairs, too, to close the deal.
Otherwise.....how willing are you to move forward with the deal if your requests are denied? Or should you walk and look elsewhere?
Web Reference: http://www.AlamedaHomefinders.com
Terri,
Home Buyer, Michigan
Offer was 124,900 ( asking) with 6% seller assistance pending inspection. Selling Bank literally jumped on it, despite claiming to have other bids. Seller's agent told us we would likely not hear back on offer for a week.
We were accepted within 24 hours.
Township public records show a mortgage for 160k in 2002 that ended in sheriff deed. $180k ending in sheriff deed in 2006 and 39k ending in sheriff deed in 2007, all under the same name, but different banks.
We expected issues with the house. And there are a ton of them. We are willing to deal with nearly all of them ourselves. However, the sum of all of them together is too much. Our issues, from inspection, are a broken water pipe between the first and second floors, 42 year old furnace that's about to die and is not properly functioning, 26 year old AC unit, also about to die and not properly functioning and outdated breaker panel with some unsafe rigging.
House has been on market for 5 months. Bank has been holding for 1 year and 5 months. Summer taxes nearly due and would represent nearly 1/2 of the repairs we want to request.
Realtor smells a sale. Was very transparent during inspection. Wants to only ask for plumbing repair.
We were accepted within 24 hours.
Township public records show a mortgage for 160k in 2002 that ended in sheriff deed. $180k ending in sheriff deed in 2006 and 39k ending in sheriff deed in 2007, all under the same name, but different banks.
We expected issues with the house. And there are a ton of them. We are willing to deal with nearly all of them ourselves. However, the sum of all of them together is too much. Our issues, from inspection, are a broken water pipe between the first and second floors, 42 year old furnace that's about to die and is not properly functioning, 26 year old AC unit, also about to die and not properly functioning and outdated breaker panel with some unsafe rigging.
House has been on market for 5 months. Bank has been holding for 1 year and 5 months. Summer taxes nearly due and would represent nearly 1/2 of the repairs we want to request.
Realtor smells a sale. Was very transparent during inspection. Wants to only ask for plumbing repair.
