Asked by Mlsloan7, West Haven, CT • Fri Aug 12, 2011
We are looking at a foreclosed "bank owned" home being sold "as is". The house needs some cosmetic repairs and possibly has a mold issue, we have slightly seen some in the basement. There are no known reports of the status of the house. Even though the property is at a low market value and really looks good and solid, due to the repairs we would need to roll into the loan, we want to offer lower. We need to figure out how much repairs and estimate the cost of the damages so that we can make the offer. Does this make any sense? My husband thinks the inspection should be paid either by the owning bank or the loan bank. I am confused since I have never purchased before. Would an inspection be our best option? We already tried to use a GC but they concentrate on what we want done, not what we need to do to make it move in conditions.
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