Christina, Home Buyer in Cape Coral, FL

due to the extensive damage will it be repaired by owner, or will price significantly drop?

Asked by Christina, Cape Coral, FL Thu Nov 20, 2008

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I could not tell what the damage was that you are inquiring about. Everything is negotiable when it comes to real estate, and that's the main reason you hire a realtor. The seller should fix the property if the damage is too extensive. Otherwise, if he gives you a discount, and sells the home "as is" you may not be able to finance the property. There are certain damages that loan programs will not cover. This will mean if you want a discount bad enough you may have to pay cash for the property if it can't be financed. Also you may save on the purchase of the home, but you may end up paying out more than you bargained for to get the home repaired to your liking.

It might be in your best interest to have the seller fix the damages to the home and pay his price so that you can get a good loan with a good rate and a solid home to live in.

Another alternative is for the seller to fix the serious damages, then you get a rehab loan and fix the rest. There are still some good rehab loans available out there, but do your homework first. Find out what damages can and can not be financed before you go head first into a deal.

Cathryn Blair-Bennett
First Capital lending
239-277-9244 Ext. 212
0 votes Thank Flag Link Thu Nov 20, 2008
I am currently working with a bank and listing their foreclosures and they make all repairs before I list the property. So it would not be correct to say that banks don't make repairs on foreclosed properties. There are some banks that do.
0 votes Thank Flag Link Thu Nov 20, 2008

I think I may have confused the issue with my earlier answer.

The property was foreclosed by the lender in Jan of 2008. The lender is now the owner and never makes any repairs. The auction I was speaking of isn't a county or a sheriff's auction but an auction company that the lenders have hired to attempt to sell some of their inventory that way. The company is holding auctions 3-4 times in December at a hotel in downtown Fort Myers. There are some great deals out there and an auction may be a great opportunity for you to purchase a home. If you've never purchased a home from an auction before, there are a few things you should know prior to going.

Again, if you have any questions, please feel free to contact me!

Danielle Sharp
0 votes Thank Flag Link Thu Nov 20, 2008
When a house is in foreclosure it is unlikely the owner or the bank will make any repairs. If the bank takes it back at forclosure auction, they will hire an assett manager to sell the property, the assett manager will hire a local broker to list it and manage getting it cleaned, appraised and set a price in todays market less any repairs that are needed. The bank sells their homes as is, in most cases dont ask the bank to fix anything as they will not, ask for a credit so you can do the repairs after closing. I hope this helps
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0 votes Thank Flag Link Thu Nov 20, 2008

This property is a foreclosure, so the owner will not be making any repairs. When purchasing a foreclosure, its always an "as-is" sale. The price may come down a bit more than what the previous agent had it listed for since it was listed for almost 6 months. The bank will definitely be listing the property again (banks have no desire to own property) although I can't say exactly when that will happen. There is a possiblity that the home will be sold for auction this month or next. There is a large auction company that is holding real estate auctions during Nov and Dec to move some of the foreclosure inventory here in the Cape and Lehigh.

If you'd like some more info regarding auctions or foreclosures, feel free to contact me.

To your success,
Danielle Sharp
0 votes Thank Flag Link Thu Nov 20, 2008
According to the MLS, this listing has expired. In answer to your question, it will depend on the owner. If you would like me to investigate this further for you, I'd be happy to oblige. Just give me a call or email me.

Kate Painkin
Prudential Florida Realty
0 votes Thank Flag Link Thu Nov 20, 2008
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