Home Buying in 19475>Question Details

pete2950, Home Buyer in Woodbury, NJ

foreclosed houses with no power or water

Asked by pete2950, Woodbury, NJ Wed Jan 23, 2013

what is the process of getting a bank to having power/water turned on for inspections.

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Many of the banmks as already stated refuse to turn these on at their cost. The PAR agreement of sale does say already that all systems need to be turned on for inspections, however, the banks often attach an addendum that over rides this.

Ask your agent to call and see if they can get the turned on, sometimes they insist you pay for it and must use their contractors. It is one of those situations where the banks seem to have the power, but it is always worth trying to negotiate.

Just decide if you cannot get it on, are you willing to walk.
0 votes Thank Flag Link Wed Jan 23, 2013
Some banks that own property will just flat out refuse to have this done. Some might however allow you to do it, but at your own cost and with the understanding you return the house to the state it was in. In my experience the banks have always been reasonable and accommodated the buyer. I address the issue right up front by including this language in the purchase and sale agreement " Seller to have all operating systems fully functioning at the time of inspections - This includes water, electricity and heat". At least by doing this even if the bank refuses everybody knows up front what will need to be done to make the inspections happen or now that the electricity, heat and water will not be on and decide if they want to proceed from there. If you are already in a contract and ready for inspections to happen you might have lost any leverage you had to get the bank to do anything. It really comes down to is it a great deal and do you want to risk the possible problems that might arise without having power or water on if you choose to move forward? If it is a good deal banks know it and also know that some other buyer is most likely waiting in the wings ready to jump in if this deal goes south. If the bank is being unreasonable this might be a reason for it. I hope this helps!
0 votes Thank Flag Link Wed Jan 23, 2013
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