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I have a ratified contract on a REO home. It was determined it needs foundation repair by an engine

  • September 05 2013 - Choctaw
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Answers (5)

Profile picture for Carole Tyne
Most cases unless the lender requires the repairs for closing the Seller/bank will not agree to repairs or price reduction.  So your option is cancel - Have seen on HUD homes buyers cancelling then re offering.  It is  not done much.  Run the risk of loosing it to another buyer.
Best Wishes!
  • September 05 2013
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Profile picture for user80601671
...engineer.  If I cancel my bid can I submit another on at a lower price?  I felt the listing agent was trying to tell me that I was unable to submit another offer.
  • September 05 2013
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Profile picture for RealEstateCrew
Neat, what is the rest of the question? 
  • September 05 2013
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At 1st Mariner Bank we do FHA 203K Rehab Mortgages all over the country. This mortgage would allow you to purchase the home and borrow the money to fix it up. As ominous as a foundation repair sounds; they are done pretty regularly, and not as expensively as you may think, by masonry contractors. Email or phone me for more information
  • September 05 2013
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Your options are to walk away, ask the bank to make the repairs (which they won't) or ask for a price reduction. They are apt to do a reduction, but will your lender allow it to close with the damage there. If it's cash, no problem.

The likely case is you will walk away and then the bank will make the repair and relist it after they do. But with REO you never know, since they don't know until they have many meetings about it.
  • September 05 2013
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