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Reduction on short sale price in Paso Robles, CA

We are looking at buying a house in Paso Robles, CA but just the the report from the inspector and the house needs a LOT of work (plumbing, wiring,roofing, HVAC, possibly foundation, and also there has been some termite damage. Will a bank go down on their short sale price if there are estimates to show the house needs work? We think the house has great potential but we are also a military family that moves quite often so we don't want to get stuck with something we can't sell either...
  • May 20 2012 - Lake Nacimiento
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Answers (4)

Normally banks do not cut prices unless they are dealing with a cash buyer. The property you described will not qualify for a VA nor an FHA an in many cases a conventional loan. Sounds risky!
  • May 21 2012
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Normally banks do not cut pricesh unless they are dealing with a cash buyer. The property you described will not qualify for a VA nor an. FHA an in many cases a conventional loan. Sounds risky!
  • May 21 2012
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What kind of financing are you using to buy the home? Some types of financing may not allow you to purchase a home in such a state of disrepair.
  • May 21 2012
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Your inspection is your protection against buying a home with major material damage to the basic structure of the house.  It sounds like this house has lots of problems.

You should offer the report to the listing agent with an estimate of repairs, and have the bank reduce the sales price.

If they won't, you should walk away from the property.
  • May 21 2012
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