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

Posted by Melanie on September 22, 2011 at 8:23am

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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  • Bryant Tutas September 22, 2011 at 9:24am
    You will need 3 estimates from licensed contractors. Then send these with an addendum requesting a price reduction to the listing agent. Suntrust will not do repairs as they do not own the house. They may however consider a price reduction if the repairs are legitimate and not something that could have been seen. Of course all of thus assumes the seller is wiling to submit the request. Their other option may be to cancel the contract, give the deposit back and move forward with another buyer. Your remedies should be oiutlined in the purchase contract.
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