Answers (12)
- Evelyn S. Fred, "Evelyn S. Fred"
- Contributions:213
Hello,
The repairs don't sound like major repairs nor do they sound like you need a contractor. Most of these repairs sound like you can hire a handyman.
Most short sales don't have any room for negotiating credits. As previously stated, the seller is losing the home, therefore more than likely is either unable or unwilling to repair or provide money for repairs, and the bank is recuperating whatever they can.
How badly do you want the house? Are you getting a good deal? Is it worth walking away for what can potentially be an easy fix?
If you need a handyman ask your friends or I can provide you with a couple of names.
P.S. It's possible to negotiate closing costs credits, that may ease the financial burden.
Good luck!
The repairs don't sound like major repairs nor do they sound like you need a contractor. Most of these repairs sound like you can hire a handyman.
Most short sales don't have any room for negotiating credits. As previously stated, the seller is losing the home, therefore more than likely is either unable or unwilling to repair or provide money for repairs, and the bank is recuperating whatever they can.
How badly do you want the house? Are you getting a good deal? Is it worth walking away for what can potentially be an easy fix?
If you need a handyman ask your friends or I can provide you with a couple of names.
P.S. It's possible to negotiate closing costs credits, that may ease the financial burden.
Good luck!
- Natasha Guthrie, "natashaguthrie32559034"
- Contributions:1192
In short sale situation 99.9% you will not get any credits! In SS transaction buyer is the only party which benefits! Seller is loosing the property, bank is recovering only part of the debt. I am dealing with SS already for several years and I never saw any credits to a buyer in SS transaction.
- Ed Clements, "Ed Clements"
- Contributions:6
I have closed short sales as the listing agent than the buyer's agent. On both sides I have not seen the banks give much to the buyers once the offer has been submitted and especially when the repairs are minor as it appears your repairs are, but it doesn't hurt to ask. Ask your agent to send the listing agent a (request for repairs) and let the bank make the decision. Most lenders these days have the phrase "As Is" on their approval letters.
If the home has a Fannie Mae or Freddie Mac loan. My experience is they won't pay for anything. No termite report, no home warranty, no repairs.
- Reba Haas, "reba_haas"
- Contributions:613
You can attempt to negotiate repairs or a credit (if you don't already have any) to be applied toward the cost of repairs, but it could set back your short sale negotiation and possibly kill it if there are significant additional costs. It all "depends". Your attorney should be able to provide good advice but make sure your agent is also talking to the listing agent about the issues. Some plumbing leaks aren't as simple as others on here are talking about. If leaks persist behind walls where you can't see them then they may causing damage.
You might consider having a contractor or plumber review the inspection report or have them come to the property site for a more in depth evaluation that you can then use to help in negotiating with the lenders and the seller too if it's found that bigger issues are at play.
You might consider having a contractor or plumber review the inspection report or have them come to the property site for a more in depth evaluation that you can then use to help in negotiating with the lenders and the seller too if it's found that bigger issues are at play.
- sunnyview
- Contributions:26843
Bob's right. The repairs sound really minor. One trip to Home Depot and a search of YouTube will give you all you need to fix things that you never dreamed possible.
I'll tell you a secret too. Minor plumbing issues like dripping faucets and running toilets are some of the most satisfying low impact repairs in a house. the change is immediate, the materials are cheap and there's nothing like admiring your work when you're done.
I'll tell you a secret too. Minor plumbing issues like dripping faucets and running toilets are some of the most satisfying low impact repairs in a house. the change is immediate, the materials are cheap and there's nothing like admiring your work when you're done.
- Bob Brandt, "BobBrandtRealtor"
- Contributions:1068
With the most basic tool kit and some patience, you should be able to fix these things and not bother lawyers and banks with minor repair requests.
You are probably getting a great deal on the home and should not rock the boat.
You are probably getting a great deal on the home and should not rock the boat.
- Michael Montalbano, "mpm6"
- Contributions:24
You can Ask....Generally speaking you are buying the Property 'as is' in a short sale situation, but you can try to negotiaye with the Seller to see if they are willing to do some of the repairs.
- Oddi Real Estate Team, "Oddi Real Estate"
- Contributions:20
It may be possible to ask for closing costs in lieu of repairs. It is a way to get the available funds in the Buyer's hands to make repairs after closing and know that they are being completed to the Buyer's satisfaction. Of course, the bank needs to agree but we have been successful.
- sunnyview
- Contributions:26843
None of the problems you mention would require a contractor to repair except maybe the siding issue if it extends into the structure of the hosue itself. You can submit the report to the sellers agent and request a credit in escrow for the repairs, but the owner may not be able or willing to pay for them.
You can have a handyman come out to give you a ballpark estimate of the repairs, but the plumbing issues are minor, the downspout is a 5-10 minute repair and siding is fast to replace as long as the area of damage is on the surface only. Get an estimate and ask, but do not be surprised if the seller is not willing to credit you for the repairs for these minor issues. That's often how it goes on short sales in my area.
You can have a handyman come out to give you a ballpark estimate of the repairs, but the plumbing issues are minor, the downspout is a 5-10 minute repair and siding is fast to replace as long as the area of damage is on the surface only. Get an estimate and ask, but do not be surprised if the seller is not willing to credit you for the repairs for these minor issues. That's often how it goes on short sales in my area.
- Matt Laricy, "Matt Laricy"
- Contributions:1963
I would say your chances are slim. Short sales are almost always "AS IS" sales. I am assuming you probably even had to initial off of that on the contract, and on the short sale rider. You have the right to inspect the proeprty, but you have already told them you were taking it as is. If you ask, they can take that as a breach of contract, and if they have a back up offer, they can cancel your contract and go with the back up. You have to see if asking for the credits is worth possibly losing the house. Regardless, these questions are best suited for your Real Estate Attorney, and agent. They would know more about your situation.
- Joshua Heard, "JoshuaHeard"
- Contributions:138
Generally short sales are "as is" which means no warranties or credits for repairs. Your attorney can give you good advice. You can always try to negotiate.
- Philip Sencer, "Philip_Chicago"
- Contributions:809
It is almost impossible to get a credit for such things on a short sale. The price needs to reflect it. If you cannot afford to do these relatively minor repairs then perhaps you are getting more than you can afford.
How to get credit from house inspection repairs needed for a Short Sale?
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