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What luck do you have with request for repairs?

Posted by Jilly on October 27, 2010 at 4:24pm in Short Sale Discussions
We have made an offer that was sent to the investor.(2months with negotiator first).  My buyer wants to ask for significant repairs now as the condition of the property appears to be worse than first thought.  Our expectation is to have an inspection if the offer is accepted and decide how much to ask for. Any feedback? Will the investor negotiate with reasonable requests?

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Replies

  • Janet Nation October 28, 2010 at 4:17pm
    You kidding me, this is a short sale and sold as is. Luck is the right word.
  • VIctor T. Gurrola October 28, 2010 at 10:38am
    Where theres a will theres a way.

  • Smitty October 28, 2010 at 9:41am
    Jilly, I've never gotten money from a lender. I am pretty excited to see Victor's response, however I think if it's general repair of a property a bank isn't going to go for it.

    I would show them a list of repairs now though. I don't think waiting is going to help.
  • Jilly October 27, 2010 at 7:36pm
    So waiting until escrow opens and the inspection period begins would be too late?
    BTW, a price reduction would be fine...
  • VIctor T. Gurrola October 27, 2010 at 6:56pm
    I have had one case GMAC gave the buyer 20,000.00 to fix the Sewage that was seeping via the Cement foundation. In this case it was the situation where the city was going to condemn the home and fines would have followed once the investor took over. What’s typical is a reduction in sales price since many times its investor guidelines. Good luck
  • Smitty October 27, 2010 at 6:42pm
    I'd love to see what others respond on this. Every short sale I did was "sold as is" and it was up to the buyer to do their own repairs. The bank wouldn't do anything, and neither would any seller as they were already underwater with their home.

    I haven't seen it done, but I'd like to see what others have to say.

    You might be able to negotiate a better price, but I don't think I don't think the bank or seller will make repairs. I think if you have the inspection report, you should present it now to the lender...not wait for approval.
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