U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Arizona > Phoenix area
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 06-03-2011, 08:24 PM
 
387 posts, read 499,984 times
Reputation: 104

Advertisements

I had an offer on a Foreclosed property, i had the inspection done today, there were some unexpected things found for e.g.

--> One AC unit not working 100%,
--> Pool pump not working,
--> One toilet continously running
--> Dishwasher and Water softner not working.

Since this is a Forclosed house, it's sold AS IS, Can i negotiate with the bank in this case ??
Reply With Quote Quick reply to this message

 
Old 06-03-2011, 08:47 PM
 
Location: Chandler, AZ
46 posts, read 86,404 times
Reputation: 44
depending on how much they want to get rid of it will decide as well as actual cost and your offer. My house was a foreclosure and had a few issues as well. I tried to negotiate a few things with the house before I proceeded but due to the price I was getting my place and actual value of it they straight up told me no way. I have had friends who had bought places and were able to negotiate some wiggle with fixing a few things but high cost items most were denied. Whats wrong with the AC unit? Pool pump not working is a small cost, same with toilet and water softener ( you can just bypass it). The AC would be my only real concern as that can cost a good amount of $$$
Reply With Quote Quick reply to this message
 
Old 06-03-2011, 08:48 PM
 
Location: Phoenix AZ
3,390 posts, read 4,233,988 times
Reputation: 4056
Quote:
Originally Posted by phoenix_new View Post
I had an offer on a Foreclosed property, i had the inspection done today, there were some unexpected things found for e.g.

--> One AC unit not working 100%,
--> Pool pump not working,
--> One toilet continously running
--> Dishwasher and Water softner not working.

Since this is a Forclosed house, it's sold AS IS, Can i negotiate with the bank in this case ??
Sure, you can try - Some of these aren't worth arguing about - a toilet kit is $10, water softeners & dishwashers aren't expensive (if you know where to buy them), nor are they required for habitation - put the softener on "bypass" & take $50 to the re-store for a replacement dishwasher (they have stacks of them).

The A/C might be a cheap fix - if it works at all, it's likely it can be repaired for under $1k. Things like setting the charge properly & replacing the start & run caps aren't a big deal. A few hundred bucks at most, unless your repair guy is a robber.

A pool pump could be fairly pricey, but it may not be. Did you really expect to get a house with a perfect pool as a foreclosure? Old pools need work & maintenance every season.

A bigger problem will be if you're planning on getting a loan on the property - banks want to see a fully functioning pool during the appraisal inspection...

I wouldn't get excited if it's the right house for your family & you can find a way to get financing.

My favorite properties are ones with obvious "big" repairs - a leaky flat roof over the garage knocked about $10k off the sale price of my little bro's place, and it only cost about $500 to fix it right. All the investors swarming that neighborhood ran for "easier" rehabs, and owner-occupants ran because they over-estimated the cost & hassle of a repair.

If you really want to negotiate, I'd do it from the standpoint of "I'll take care of this and this and this, but I'd like a little help with xx" instead of trying to nit-pick the house - no house is perfect, and foreclosures all need some repairs. I'd also do it with real estimates for major repairs in my hand - get a pool guy out to give you a written estimate for repairs. Get a HVAC guy out to give you a real dollar figure for repairs - don't just pull a number out of an orifice for repairs and expect the bank to accept it. They won't.

Just one opinion... pm if you need advice or help with repair guys - I have a pretty good list of contractors, except for pool guys - I hate pools...

Last edited by Zippyman; 06-03-2011 at 08:57 PM..
Reply With Quote Quick reply to this message
 
Old 06-03-2011, 11:07 PM
 
72 posts, read 75,361 times
Reputation: 51
Definitely have some guy checking out the AC units. Anyway once you buy it, you need an AC check-up. Most times it's just a small fix.

If you want to negotiate, prepare to walk away. Many times only if you do so, bank changes mind.
Reply With Quote Quick reply to this message
 
Old 06-04-2011, 06:59 AM
 
971 posts, read 1,257,802 times
Reputation: 740
What was the asking price of the house?
Reply With Quote Quick reply to this message
 
Old 06-04-2011, 07:47 AM
 
387 posts, read 499,984 times
Reputation: 104
Asking price was 220k and I offered 215, then bank counter offered 220, and we accepted it, its 2300 sqft house
Reply With Quote Quick reply to this message
 
Old 06-04-2011, 07:50 AM
 
Location: South Tempe, AZ
14,259 posts, read 17,883,363 times
Reputation: 6425
How old is this house?
__________________
Terms of Service / FAQ /Information for Realtors
Moderator for Arizona and Nevada forums
Reply With Quote Quick reply to this message
 
Old 06-04-2011, 07:51 AM
 
387 posts, read 499,984 times
Reputation: 104
Year 2003
Reply With Quote Quick reply to this message
 
Old 06-04-2011, 07:58 AM
 
Location: South Tempe, AZ
14,259 posts, read 17,883,363 times
Reputation: 6425
If you accepted the price,(which I'm not all that impressed with given the size of the house.. there must be more to it than that) and there's nothing in the paperwork that makes anything contingent on the results of the inspection, (which I would think there would not be in an "as is" sale) then you are probably stuck with the repairs.

Hopefully the pool and A/C are not major fixes, in an eight year old house. The dishwasher is not expensive to replace, if the repair would be a major one (they aren't making anything like they used to, I still have the original 25 year old dishwasher in my house, and it's working).
__________________
Terms of Service / FAQ /Information for Realtors
Moderator for Arizona and Nevada forums
Reply With Quote Quick reply to this message
 
Old 06-04-2011, 08:38 AM
 
387 posts, read 499,984 times
Reputation: 104
It had pool too
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $89,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Arizona > Phoenix area
Similar Threads
View detailed profiles of:

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top