Agents, How have you done with getting repairs done or credits for repairs on short sale homes?

Asked by Tim Moore, Kitty Hawk, NC Mon Sep 26, 2011

When there is no money going to the seller as proceeds from a sale I understand getting repairs done is tough. But my situation is a bit different because the house makes money. We have homes that rent weekly in the summer months and it is not uncommon to find one that makes $100,000 but is in a short sale position. A house that is rented long term would be the same, it has income flowing in which could be used to repair a window or replace screens or fix a leak. Anyone have any suggestions how to make a buyer happy after a walk thru on a short sale with income flowing in?

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Mark Saunders, Agent, North East, MD
Thu Feb 5, 2015
its a flip of the coin each one for me has been different outcomes
0 votes
Tim Lancsek, Agent, Kitty Hawk, NC
Thu Feb 5, 2015
Absolutely! In fact I recommend it on all short sale transactions. Now that being said, do not expect too much back. Normally the banks will throw the buyer "a bone" at the 11th hour to keep the transaction progressing in a forward direction. The goal however as a buyers agent is to get as little or as much as possible for my buyer and in my experience the banks WILL give a little however only at the last minute. In this business timing is everything.
0 votes
Barbara Gran…, Agent, Anaheim, CA
Fri Feb 8, 2013
Hi Tim,

I agree with the Liz. It never hurts to ask. Who knows, you may be pleasantly surprised but generally speaking, they are "as is" deals.

Good luck,

Barbara Grandolfo
0 votes
Liz J. Turner, Agent, Duck, NC
Thu Feb 7, 2013
In my experience with both Short Sales and Bank Owned Properties is it never hurts to ask. Especially if it is a "Habitable" Issue. Example: HVAC, Water Supply Lines etc. In these cases the bank as agreed to pay 100% of the time.

Buyer's must be reasonable in there expectations.
0 votes
Carmen Brode…, Agent, Scottsdale, AZ
Mon Sep 26, 2011
Short sales are like foreclosures in general - they are sold as is. If the buyer doesn't like it, don't buy it.
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