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Well, if the price is really right, it may not be unreasonable for the OP to absorb the foundation repairs.
This is where the listing agent says, "Lemme see your appraisal."
"Oh... The house is going off $25000 under appraisal? That foundation looks pretty dang good to me..."
.
Why would you ever show the listing agent the appraisal if it's not in your advantage to do so?
Why would you ever show the listing agent the appraisal if it's not in your advantage to do so?
If I am the listing agent, I might tell my client to request the appraisal in light of a significant repair or price reduction demand.
The request: "My Buyer wants $xxxx or XXX repaired at sellers' expense."
The possible reply: "Sure. Let me see the appraisal." Unspoken: "Or, go pound sand."
If I am the listing agent, I might tell my client to request the appraisal in light of a significant repair or price reduction demand.
The request: "My Buyer wants $xxxx or XXX repaired at sellers' expense."
The possible reply: "Sure. Let me see the appraisal." Unspoken: "Or, go pound sand."
First off, if this home is now in foreclosure then the owner will not have much say anymore. The bank needs to accept your offer and it needs to be what they want.
Second, $13k below appraisal is NOT that much! If I knew it was about to be in foreclosure I would want it cheaper.
Third, I would not mess with any foundation issues! I also would not let the seller have it fixed. You need to know it will be done correctly. I would try to get someone out there today to find out what the cost of all that would be and ask for a seller credit (not a reduction in price) and have it fixed yourself. You want the cash in escrow for repairs. If the seller lowers the price of the home that doesn't give you cash to fix it! You would then have to get a HELC to get the money out of the home and that's just more work for you to deal with!
My personal opinion is walk away. Too many issues here. Be patient and find a better home for your family AND find a new realtor!!
As a single mother with kids life could be stressful, busy and expensive enough to deal with structural engineer, various contractors, etc. As a new homeowner you could clean, paint, make/ buy curtains, plant landscape, etc.
I would walk away- there will be another dream home for you with its own sets of problems- maybe ugly carpet or too dark paint requiring 3 coats of paint to cover- those u could deal with yourself eventually.
Maybe it is a way fate letting you know that it is not meant to be. House is a liability mostly even in the best of circumstances- and a luxury if you can afford it long term. Insurance. Repairs. Energy costs. You do not even making comments like "It is my dream house because it is in the best school district with the lowest property taxes in the state and costs only $20 a month for utilities"
Everything happening during process of buying" freaks you out"- your words.
Things are not going get better once you close on the house-bad as well good things continue to happen
At this point A determined future homeowner would be on HVAC forum researching how efficient and reliable mechanical systems in the home are and when upgrades might be needed and their costs
Something tells me you are not ready for homeownership
It maybe less expensive and simpler to rent in your area than to own. Even if it is not- house is a commitment- maybe wait
Keep looking!
Last edited by Nik4me; 03-02-2017 at 10:19 AM..
Reason: Addition
True, but it really doesn't matter at this point! I would walk regardless due to possible foundation problems!
That may well be an expensive and unnecessary overreaction.
There is nothing really very interesting in the photos, IMO.
Heck, the broken block in one photo well may have been that way since the house was built. It is not uncommon for the builder to damage stuff that continues to serve its purpose for a long time.
A structural engineer can help make an informed decision, and may save the OP from needlessly wasting her due diligence expenses. She isn't so flush with cash to dump a thousand or two cavalierly without being informed about condition of the property.
I see it all the time, where buyers panic over little or nothing, and lose funds on a couple of houses without ever buying. It is always the ones who can least afford knee-jerk decisions, it seems.
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