Profile picture for Matt Overbee

What type of Purchase Loans (REO) are available if water will not be turned on by bank?

Hi,

Are there conventional loan options available if an REO seller will not allow for water to be turned on for Appraisal/Inspection?

I'm having trouble identifying a lender who doesn't require the water to be on for the appraisal and inspection...

Thanks in advance for any suggestions.
-Matt O.
  • June 30 2014 - Grayslake
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Answers (7)

Profile picture for Matt Overbee
Thank you Karen!
  • September 12 2014
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HI Matt, I see you were able to find someone to work with...that's great and you are right that Hubzu auction site is not your typical REO transaction. I just closed on one with them and am not use to not being able to negotiate!  The lender we used was PMAC. You should let them know up front and give the appraiser your results from the pressure test and they will make an exception.  Best of luck! Karen
  • September 12 2014
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Profile picture for Matt Overbee
Sorry all, and thanks for your responses, I was never notified there were responses on the forum. :P

I was able to find one that would loan eventually without water on.

This wasn't a "normal" REO transaction, where you could actually negotiate, it was with the dreaded hubzu.com. Who will do and negotiate nothing.
  • September 12 2014
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Usually the REO company has to turn on the water in order for the appraisal to be completed. Perhaps your attorney can work something out with the seller's attorney? In my experience the appraiser can go out to property and return once water is turned on to complete appraisal report. 
  • July 21 2014
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Wells Fargo will get this one done
  • July 20 2014
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Profile picture for bumkeun
Hey Matt,

Are you working with a real estate agent? 

Typically in these REO cases, the bank will not pay to have utilities turned on. That is paid by the buyer.

I have not heard of any REO not allowing the water to be turned on for inspection/appraisal. 
  • July 14 2014
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Hi Matt,

What state are you located in? We are able to close loans without utilities.....

Renee Guidaboni
  • July 07 2014
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