Home Buying in Pontiac>Question Details

Clementa K.…, Home Buyer in Pontiac, MI

i see a bank owned house on the market listed @ 71900 but it has a leaky basement. does that mean they should go dwn on the price?

Asked by Clementa K. Fields, Pontiac, MI Tue Nov 22, 2011

The house is 247 tom pontiac, mi

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3
Clementa,

Not necessarily, the price that the bank lists is usually based on their determination of the comparable available and the condition of the house. A leaky basement should already be factored into the price. Then again, the price you pay does not have to be what the bank is asking for. Your price is more dependent on your ability and willingness to pay and those of others to pay at a similar price. So, if you put in an offer and nobody else does, then the bank will likely accept your price. It may take anywhere from a week to a few months for the bank to accept your singular offer.
Web Reference: http://www.archershomes.com
1 vote Thank Flag Link Tue Nov 22, 2011
I have shown this house...it appears to me that the leaky basement may be the result of the electricity having been turned off and the sump pump needing to run. The asking price on this home has certainly taken into account the fact that it is a foreclosure and the condition of the house which is actually one of the nicer foreclosed properties that I have seen lately.

Having said that, the bank may well be willing to accept less. Of course, if there are multiple offers, the selling price has the potential of being higher than the asking price. There is no way of knowing how it will end up.

Best of luck to you.


Shirley
0 votes Thank Flag Link Tue Nov 22, 2011
The bank will have had an appraisal done on the house to figure out what the market value is and it might have already taken into account the basement condition. It's hard to say. Dealing with bank owned homes is not fun or easy because they are losing money on the sale (normally). The bank is not going to fix anything, but you can often get a reduction if you include a statement from a contractor detailing the work that needs to be done to make the house sell. Hopefully you have a Realtor that is representing you, let them guide you.
0 votes Thank Flag Link Tue Nov 22, 2011
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