Let me clear up something about short sales first. The bank is NOT the seller; some regular person just like you (who happens to owe more than the home is worth) is the seller. However, because the bank stands to lose a lot of money on the deal, the bank gets to *approve* the sale.
That being said, I would recommend asking for the repairs to be made prior to close, particularly if it's something that your lender might demand be fixed. The worst case is that the seller says no. I have seen banks agree to make some repairs such as fixing a broken window prior to close.
As for asking for money to make the repairs yourself, this is less likely. The way the bank sees it, that's money that could be theirs.
Unless you are buying multiple properties and you have time to wait months and months to possibly get a house, stay away.
With that said, short sales are good for those who buy multiple and can be patient; make sure your representing agent pre-screens the sellers and stays on-top of negotiation communications.
DAVID COOPER Investor with Buyers Agent License at Since 1917 Realty 702-499-7037
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And again, it must be justified, supported with evidence, and fair.
Lender's may often require repairs to be made prior to close of escrow (often resulting from Appraisor comments) and banks rarely say no to those repairs.
Normally, the loss mitigator in the bank is looking to maximize their net, and minimize bank's loss...
I have yet to see the bank paying anyone to buy (with repair money).
Short sales are hot, and they afford a great discount, so this just does not happen to my knowledge.
However, if you will be buying with financing, you might want to look into 1) 203k programs - rehab programs 2) buy a Homepath or Homesteps programs properties - in Homepath, they have a rehab program available for buyers as well
Hope this helps,
Beachfront Realty, Inc.
CDPE - Certified Distressed Property Expert
Many bank-owned sellers will require the buyer to confirm that they a buying the house as-is with no warranties or repairs, and even then sometimes they will budge on reducing the price or making the repair if it's necessary for the loan or it is an obvious condition of the house that was overseen and would cause the fair market of the price to drop.
In the end, asking for repairs, contribution, or reduction in price is NEGOTIABLE.
--Mark Fleysher, 702-291-8186
You can ask the actual seller to make the repairs, but if he can't or won't make payments then probably he can't or won't make repairs. Many short sellers specify that the sales are "as-is." Read your contract, addendum, and counter offers to see if that is the case.
DAVID COOPER Investor with Buyers Agent License at Since 1917 Realty 1-888-616-6226
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The bank is not going to pay any repair costs. They are losing money and would not be willing to pay for any repairs. Also the persons who have the mortgage are the sellers. The bank just holds the mortgage or d]Deed of Trust. Short Sales are as Is in most cases. There may be exceptions but i have not seen that in the ones I have completed.
Short sales are as-is purchases. The banks are very firm on not paying for any repairs on a short sale. Reason being, the bank does not own the property yet so they are not going to do repairs.
An example of an exception, the A/C units get stolen during the escrow process... often times the bank will reduce the price of the home in lieu of repairs....
Also, the bank will not pay a home warranty or any other small misc. fees.
I hope this helps..
Call me if you would like to further this conversation.
Banks do not like to repair a home that really doesn't belong to them as, legally, it is still property of the seller. They will, however, reduce based on condition, but only if you provide evidence such as inspection reports with a contractor estimate. The more documentation you can provide, the more inclined the bank will agree to the reduction in price.
That's what I've always found from personal experience.
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