Asked by Mday83, California • Mon May 9, 2011
Okay... so I already got the bank to agree to what I think is a pretty good price on a home I'm purchasing through a short sale, but after doing the termite inspection I found out it needs about $5000 of extermination and repair work. Now, the home has been sale pending three times before, and the seller was nice enough (I thought at the time...) to offer me $600 for termite work. Basically, he most likely knew about the problem in advance.
Now, my question is this: in order to renegotiate this and get more money to take care of the termite problem, do I have to cancel out of the contract and start over? Is there any good way to get the seller or the bank to kick in more money without doing that? I'm told banks will seldom cover repairs on a short sale, but this is pretty serious and I really, really want them to. Any suggestions on how to approach this?
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