can you still request money off a forclousure if need repairs.I will be paying cash.

Asked by Alita Delrio , Mon Jan 19, 2009

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Linda Slocum,…, , Santa Clarita, CA
Mon Jan 19, 2009
There are actually two times when you can request repairs on a bank-owned (REO) property.

Your purchase agreement (offer) should include any major repairs that you would like the seller (bank) to complete for you before you take possession of the property. If any other significant items come up during the inspection process, you can prepare an addendum requesting additional work to be done. If requesting additional work after your offer has been accepted, be sure to include quotes from at least 2 licensed contractors.

Be aware that the bank has an incentive to complete repairs in order to either make the property sell faster or to preserve the property (i.e. leaking roof or termite repairs). Anything else is not likely to be considered. Also, the bank will not give you cash back to make the repairs yourself - the bank-authorized repairs will need to be completed before the property transfers ownership to you. This means that you may get new carpet, but it will be standard medium-grade neutral-tan carpet instead of whatever you've set your heart on at the local store.

As others have said, use a realtor so all of these requests are handled correctly, or the bank will not consider them.

Good luck!
0 votes
Hank Miller, Agent, Alpharetta, GA
Mon Jan 19, 2009
Go in with your eyes wide open and expectations realistic. Do not under any circumstances, go in without a buyer agent. Understand that everything to do with foreclosures, short sales and other distressed properties needs to be done up front - do you inspections, get solid and trustworthy advice, hope for the best and expect the worst! Many foreclosure properties don't end up being such a bargain after they sell - there are a ton or reasons...

Hank
0 votes
Felicia Will…, Agent, Fayetteville, GA
Mon Jan 19, 2009
Hi Aseeya El,

Yes you can request money off or you can ask for an allowance for the repairs. Please make sure that you make this request when you first make the offer. Once the property is under contract, the seller will not make any adjustments to the price since the property is sold *AS-IS*. If I can assist you with any other questions, please feel free to contact me at 770-369-0261 or email me at feliciasellsgeorgia@yahoo.com

Felicia Williams
Solid Source Realty
0 votes
Solomon Gree…, Agent, Duluth, GA
Mon Jan 19, 2009
Aseeya El,

The short answer is yes, but so much more is involved. You and your reputable agent should consider a number of things (comparable home sales, needed repairs, days on market, the opportunity for a fast closing since you're paying cash, etc.) into your offer. Please give some thought into finding an agent of your own to prepare an offer that factors in your interests.

Solomon Greene
REALTOR® / Consultant - Keller Williams Realty Atlanta Partners
0 votes
Tori Lawson,…, , Fayetteville, GA
Mon Jan 19, 2009
I recommend you obtain a REALTOR to represent you and assist you thru the process.
I would be happy to refer you.
Please advise if I can be of further assistance.

Good luck.
Web Reference:  http://www.torilawson.com
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