Dear Short Sale Home Buyer:
First of all when I do an initial meeting with my buyer clients - I explain all things associated with a short sale purchase to them so they are well prepared ahead of time and have no surprises and stress at the end.
Well, it's rather difficult to negotiate with the bank on repairs you have found in a home inspection, short sales are sold completely As-Is and banks do not want to make repairs on them as they are already taking loss on the lien and most of the times home seller(s) doing a short sale do not have extra funds to make repairs. Even then if you wish to negotiate on this with the bank there is no guarantee that the bank will accept it and of course it will further delay the approval.
Lender required repairs have a better chance of being taken care of by the bank/seller as every lender would need to have those repairs done or else the house will not sell, until or unless there's a cash offer on it.
My suggestion is that if you totally love the house and the repairs are not structural - go for it and have the repairs done one by one after you are settled (as you are the one who will make this house a home and shine it in your own way). And if that's not the case then try to get a release.
Hope this information is helpful to you and All the very best with you home purchase!!
Faiza Alvi - RealtorÂ®
Prince William Realty, Inc.
MILLION DOLLAR CLUB - PWAR 2011
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