Approved Sun Trust short sale inspection uncovered additional repairs--What is the best approach ???

I have an approved Sun Trust short sale that is on day 6 of the 12 day inspection period.  My buyers factored necessary repairs into their bid price however additional unforseen repairs have been uncovered via inspection.  If we knew about these additional repairs, the offer would have been for about $20,000 less.  

Are we able to reduce our offer price at this point in the short sale process, or will Sun Trust pay/send out their own people to complete the repairs.

What is the best approach in this situation.  After waiting so long we'd hate to lose it, but the offer was not low enough to account for this!!!

Thanks in advanced everyone!!!

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Replies to This Discussion

Permalink Reply by Estelle Wallace on October 19, 2011 at 10:14am

Melanie,

How did you resolve this?  I have an identical situation right now and are on day 6 of 10 in the inspection.

Thanks for any insight.

Estelle

Permalink Reply by Jeff Payne on October 19, 2011 at 10:24am

There are a few ways to handle it, buyer can take it AS-IS assuming you are using an AS-IS contract or they can cancel their offer and resubmit a lower offer.  Suntrust is not going to fix anything and the seller most likely does not have the money to fix.

This is all assuming that the listing agent has already submitted the package, if not, have them back the offer out and submit the new one.

NOTE**  I am assuming that you are doing inspections as soon as you go under contract and not after you have received approval letter

Permalink Reply by Estelle Wallace on October 19, 2011 at 10:34am

Thanks, In AZ we begin the inspection period following delivery of the bank approval letter.  So, the file is in their Settlement Department now.  Any other suggestions?

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