[buyinginmichigan]

I put an offer on a home that ended up in a short sale. I decided to stick with it because it was in an area I wanted to live and the home had everything I needed. Took about 4-6 wks to receive an answer regarding my offer, which the lender had countered my offer and asking for $6,000 more.. I did my research on the home and area and felt it was still worth the extra 6k so I accepted the offer contingent upon my home inspection.. (incidentally the township does not require c/o) my home inspection came up with an original furnace 26yrs old and was inoperable) had small gas leak, needs flashing and new vents for the roof (actual shingles new 07) So my question is.. I don't believe the lender (or the owner of the home) will repair any of these findings.. however I was wondering if I could/should ask to modify the price of the home, and what are my chances that they will do this? Please advise

[preferentialtreatment]

I bought my house without an inspection.We are now paying for it.Inoperable furnace,inoperable pool and so much to add.The most frightening aspect of this house could be a structural problem that could take the cake of all.So be prudent my friend.I wouldn`t have bought it without an inspection,but unfortunately some people really deserve to lose money.

[buyinginmichigan]

Wow.. sorry to hear about your nightmare, don't think you "deserve" to lose money.. Have to look at it as a valuable lesson, and hope you don't go broke in the meantime.

[Driller1]

Originally Posted by buyinginmichigan

I put an offer on a home that ended up in a short sale. I decided to stick with it because it was in an area I wanted to live and the home had everything I needed. Took about 4-6 wks to receive an answer regarding my offer, which the lender had countered my offer and asking for $6,000 more.. I did my research on the home and area and felt it was still worth the extra 6k so I accepted the offer contingent upon my home inspection.. (incidentally the township does not require c/o) my home inspection came up with an original furnace 26yrs old and was inoperable) had small gas leak, needs flashing and new vents for the roof (actual shingles new 07) So my question is.. I don't believe the lender (or the owner of the home) will repair any of these findings.. however I was wondering if I could/should ask to modify the price of the home, and what are my chances that they will do this? Please advise

Give it a try!!! I have drilled 8 wells on bank own property in the last month. They just want out.

[preferentialtreatment]

It is up to you.Do you want to end the relationship with banks forever or suck it up.....Banks do not lose a dime.Actually they make a lot as long as people want to get that credit.

[South Jersey Styx]

I thought that Short Sales were "As Is" sales? You can ask for a credit for the repairs but it's totally up to the Seller/Banker to say yea or nay. If they say no, think about the cost of repairs (if they are doable and within your budget) and ask yourself is it really worth it. If the cost of the house + repairs keeps the house at a fair market value, then maybe it is.

[Driller1]

Originally Posted by South Jersey Styx

I thought that Short Sales were "As Is" sales? You can ask for a credit for the repairs but it's totally up to the Seller/Banker to say yea or nay. If they say no, think about the cost of repairs (if they are doable and within your budget) and ask yourself is it really worth it. If the cost of the house + repairs keeps the house at a fair market value, then maybe it is.

How we are doing it is this. Some townships in our area have "point of sale codes". The bank can not transfer the property until some things code. Have adequate water is very high on the list. This means the well has to code top to bottom.

[Gary Carpenter]

Nothings done until the HUD is signed. I would go back to the bank and disclose this information and ask for a lower purchase price. It may take a little time to get what you want, but is it worth waiting a few more months for the cost? I negotiate short sales on a daily basis and I know what banks will do. Alot depends on the bank that your working with and the negotiator assigned to the file. But, keep in mind that if they don't accept the offer and have to put the property back on the market, this information will need to be disclosed with the new listing. Also, keep in mind that it will cost banks on average $60,000 for a foreclosure, per Freddie Mac. If you have any more questions or want a breakdown of how short sales work, you can e-mail me at support1@mlpshortsale.com.

Thank You,
Gary Carpenter

[Sanveann]

I'd go for it -- ask them to lower the price. Some friends of mine were buying a foreclosure for $90K and due to problems with plumbing and other things, they ended up convincing the bank to knock it down to $80K.