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Old 05-04-2009, 01:38 AM
 
220 posts, read 620,843 times
Reputation: 157

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The home inspection revealed some required repairs such as some added electrical wiring not to code and furnace piping connections not to code. These are minor repairs I can do myself, but if I hired professionals it could cost ~$2k. Could I ask the bank to kick in $2k on closing costs to offset repairs? or is there no chance since it is "as is"? My only thought is that these are safety related repairs, not just a broken window or something. Anyone have luck getting repair costs on a "as is"?
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Old 05-04-2009, 08:09 AM
 
1,788 posts, read 2,943,312 times
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"As-is" means just that.
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Old 05-04-2009, 09:14 AM
 
21,720 posts, read 37,184,337 times
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ZugZub is correct. Essentially REOs are listed "as is" -- odds are great the lender has ALREADY lost a ton of money on them, why would they dig a deeper hole???

While I suppose you could ask, the delays that might be triggered as they try to find to someone that REALLY can answer the question are probably not worth the hassle it would bring to your deal...

I don't mind to offend to you, but I tell everyone shopping for REO, or other property in distress, that will these can be good values for folks who understanding they are NOT "shopping retail" these are NOT "bargains".

Like when you go to a regular store and you see something "on sale" it often comes with some kind of guarantee, and even if they say "no refunds" they will probably exchange it if the item is damaged.

REOs are not like that AT ALL. If anything is NOT RIGHT it is 100% on the buyer. Essentially the store is in "final liquidation mode". They will close shop and there is no more "refund and exchange desk" what so ever!
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Old 05-04-2009, 09:21 AM
 
Location: Fort Pierce, FL
17 posts, read 26,700 times
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Exactly, if it is listed As-Is, do not expect any concessions from the bank. What you should do is take in consideration of the needed repairs and submit your offer accordingly. For the most part, when a home is listed as bank owned, the list price accounts for repairs and the desire to sell in 90 days. Look at the property as if it was in good condition, not needing any repairs, what would the house be worth then.
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Old 05-06-2009, 12:21 AM
 
220 posts, read 620,843 times
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We sent out a form to the bank and will see how it goes. These are not noticable items in need of repair, but rather hidden faulty electrical and gas installations that could only be revealed during inspection not a walk through. There are other obvious items that need repair, but we did not list them. We only listed items that could result in the house burning down.
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Old 05-06-2009, 02:50 PM
 
Location: Alaska
5,154 posts, read 9,519,015 times
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I've seen shows where banks listed it "as is," and the banks went ahead and fixed it. I'm guessing they run an analysis to see how much it will cost them if the house stays on the market longer. Besides, if you back out, it's likely that others will too, so they might as well fix it now.

The worse that can happen is they say no and you're no worse off.
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Old 05-06-2009, 04:02 PM
 
Location: Texas
5,145 posts, read 3,978,173 times
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If it's a safety issue the bank may indeed relent on some concessions. However I would not expect full concession. Good luck.
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Old 05-13-2009, 09:39 AM
 
220 posts, read 620,843 times
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We heard back from the bank and they are going to pay $2k in closing costs for repairs. We did not even give them a value amount, they came up with the $2k number which is a good deal for us!
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Old 05-13-2009, 12:33 PM
 
Location: Alaska
5,154 posts, read 9,519,015 times
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Quote:
Originally Posted by glenn_1000 View Post
We heard back from the bank and they are going to pay $2k in closing costs for repairs. We did not even give them a value amount, they came up with the $2k number which is a good deal for us!
It never hurts to ask!
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