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  • August 10, 2009 at 6:47 PM #16170
    Oxford
    Participant

    My offer on a REO was accepted and I just completed the inspection. The place was trashed and the inspection is revealing some expensive structural repairs and code violations. Since I did not know about them beforehand, they were not reflected in my offer.

    I want to make a counteroffer to the Seller (bank) reflecting the inspection report and costs for the major repairs. The Addendum is “AS IS – WHERE IS” of course…with no repairs.

    There were 12 offers on the house and some were all cash but mine was the best and highest.

    I figure I have nothing to lose. They can only say NO.

    Anyone have any experience with this stuff?

    OX
    …knowledge is leverage…i hope

    August 10, 2009 at 7:13 PM #443317
    bsrsharma
    Participant

    expensive structural repairs and code violations.

    I suggest you walk. With a tsunami of REOs upon us, you can surely do better than deal with structural repairs & code violations. The only exception I can think of is you value the lot very highly and plan to tear down & rebuild. If so, take care to estimate demolition costs well.

    August 10, 2009 at 7:13 PM #444099
    bsrsharma
    Participant

    expensive structural repairs and code violations.

    I suggest you walk. With a tsunami of REOs upon us, you can surely do better than deal with structural repairs & code violations. The only exception I can think of is you value the lot very highly and plan to tear down & rebuild. If so, take care to estimate demolition costs well.

    August 10, 2009 at 7:13 PM #443920
    bsrsharma
    Participant

    expensive structural repairs and code violations.

    I suggest you walk. With a tsunami of REOs upon us, you can surely do better than deal with structural repairs & code violations. The only exception I can think of is you value the lot very highly and plan to tear down & rebuild. If so, take care to estimate demolition costs well.

    August 10, 2009 at 7:13 PM #443851
    bsrsharma
    Participant

    expensive structural repairs and code violations.

    I suggest you walk. With a tsunami of REOs upon us, you can surely do better than deal with structural repairs & code violations. The only exception I can think of is you value the lot very highly and plan to tear down & rebuild. If so, take care to estimate demolition costs well.

    August 10, 2009 at 7:13 PM #443514
    bsrsharma
    Participant

    expensive structural repairs and code violations.

    I suggest you walk. With a tsunami of REOs upon us, you can surely do better than deal with structural repairs & code violations. The only exception I can think of is you value the lot very highly and plan to tear down & rebuild. If so, take care to estimate demolition costs well.

    August 10, 2009 at 7:51 PM #444109
    patb
    Participant

    “expensive structural repairs ” never buy into structural repairs or mold.

    Anything else can be fixed easily, bad roof? 4 weeks with a roofer.
    Bad siding, 6 weeks with a carpenter.
    bad plumbing, a unique and special relationship with the plumber.
    bad electrical? usually fixable in stages.

    But bad structure? that can be fucking nuts.

    August 10, 2009 at 7:51 PM #443930
    patb
    Participant

    “expensive structural repairs ” never buy into structural repairs or mold.

    Anything else can be fixed easily, bad roof? 4 weeks with a roofer.
    Bad siding, 6 weeks with a carpenter.
    bad plumbing, a unique and special relationship with the plumber.
    bad electrical? usually fixable in stages.

    But bad structure? that can be fucking nuts.

    August 10, 2009 at 7:51 PM #443861
    patb
    Participant

    “expensive structural repairs ” never buy into structural repairs or mold.

    Anything else can be fixed easily, bad roof? 4 weeks with a roofer.
    Bad siding, 6 weeks with a carpenter.
    bad plumbing, a unique and special relationship with the plumber.
    bad electrical? usually fixable in stages.

    But bad structure? that can be fucking nuts.

    August 10, 2009 at 7:51 PM #443524
    patb
    Participant

    “expensive structural repairs ” never buy into structural repairs or mold.

    Anything else can be fixed easily, bad roof? 4 weeks with a roofer.
    Bad siding, 6 weeks with a carpenter.
    bad plumbing, a unique and special relationship with the plumber.
    bad electrical? usually fixable in stages.

    But bad structure? that can be fucking nuts.

    August 10, 2009 at 7:51 PM #443327
    patb
    Participant

    “expensive structural repairs ” never buy into structural repairs or mold.

    Anything else can be fixed easily, bad roof? 4 weeks with a roofer.
    Bad siding, 6 weeks with a carpenter.
    bad plumbing, a unique and special relationship with the plumber.
    bad electrical? usually fixable in stages.

    But bad structure? that can be fucking nuts.

    August 10, 2009 at 8:50 PM #443343
    temeculaguy
    Participant

    One alternative is to get two bids to repair the structural issue and that alone, ask for that amount to be knocked off the price (not cash, they hate that even though it’s all the same). In writing, inform them of the issue and your request (now they cannot tell the next guy they were unaware), maybe even threaten to tell the next guy if it goes down that road. They have two choices, accept your discovery and new price or tell you to pound sand and go to #2 on that list, seems like you win either way but you need to be prepared to not get that house. BTW, how expensive/extensive did your inspector say it was?

    August 10, 2009 at 8:50 PM #443538
    temeculaguy
    Participant

    One alternative is to get two bids to repair the structural issue and that alone, ask for that amount to be knocked off the price (not cash, they hate that even though it’s all the same). In writing, inform them of the issue and your request (now they cannot tell the next guy they were unaware), maybe even threaten to tell the next guy if it goes down that road. They have two choices, accept your discovery and new price or tell you to pound sand and go to #2 on that list, seems like you win either way but you need to be prepared to not get that house. BTW, how expensive/extensive did your inspector say it was?

    August 10, 2009 at 8:50 PM #444124
    temeculaguy
    Participant

    One alternative is to get two bids to repair the structural issue and that alone, ask for that amount to be knocked off the price (not cash, they hate that even though it’s all the same). In writing, inform them of the issue and your request (now they cannot tell the next guy they were unaware), maybe even threaten to tell the next guy if it goes down that road. They have two choices, accept your discovery and new price or tell you to pound sand and go to #2 on that list, seems like you win either way but you need to be prepared to not get that house. BTW, how expensive/extensive did your inspector say it was?

    August 10, 2009 at 8:50 PM #443945
    temeculaguy
    Participant

    One alternative is to get two bids to repair the structural issue and that alone, ask for that amount to be knocked off the price (not cash, they hate that even though it’s all the same). In writing, inform them of the issue and your request (now they cannot tell the next guy they were unaware), maybe even threaten to tell the next guy if it goes down that road. They have two choices, accept your discovery and new price or tell you to pound sand and go to #2 on that list, seems like you win either way but you need to be prepared to not get that house. BTW, how expensive/extensive did your inspector say it was?

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