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Washington, DC suburbs in Maryland Calvert County, Charles County, Montgomery County, and Prince George's County
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Old 07-09-2010, 05:15 AM
 
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when buying a property that is in foreclosure and you get a inspection and there is repairs that needs to be done how do you go about to get the bank to pay for the repairs
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Old 07-09-2010, 07:05 AM
 
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Foreclosures are typically sold in "as-is" condition. This means you pay for all necessary repairs not the bank.
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Old 07-09-2010, 07:28 AM
 
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In agreement with psychofan. Asking the bank to pay may be worth a try but is likely an exercise in futility.
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Old 07-09-2010, 09:15 AM
 
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I bid on a foreclosure in Largo. The bank accepted the offer at $229,000 but the house needed the following.

1) New roof ($10,000)
2) New Hvac ($4000)
3) New Carpet and hard wood floors ($3000)
4) Two new sliding doors ($1000)
5) Dry wall replacement where fungus developed ($500)
6) Termite treatment ($400)
7) Electrical work ($300)


That was $20k worth of work that would have brought the price up to $250,00. I also wanted to add a fence and a deck which would have been another 10,000. Hence the house would have been $260k after all was said and done. Keep in mind there were probably other issues that would have surfaced due to the neglect. In the end I decided to spend $290k for a non foreclosure which required no repairs and had a much nice yard, fence, deck, and well kept interior.

I did spend a net of $30,000 more but not having to deal with the hassle was worth it in my book but I understand it may not be worth it to everyone.
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Old 07-14-2010, 05:55 PM
 
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how about short sales? if work needs to be done can the overall price be dropped to pay for the repairs???
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Old 07-14-2010, 06:58 PM
 
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Quote:
Originally Posted by Jadedea Jade View Post
how about short sales? if work needs to be done can the overall price be dropped to pay for the repairs???
I believe it's the same thing. They already selling at a loss, so it's unlikely they'll make any more concessions.
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