Anyone counteroffer a REO after inspection?

[Oxford]

[quote=BGinRB]You can always present the findings and ask the seller compensate for the deficiencies you found. After all, you will have to disclose the issues when you try to sell the place and it will cost you. Some people will not purchase a house with cured structural issues.

In general, if you want to bargain you need to be ready to walk away.[/quote]

That is a big concern for me…the resale. I am also wondering about the appraiser for my loan. If he spots it, he might report that it needs to be repaired before they approve the loan. I ain’t paying that.

I am going to have to fill up the pool for the appraisal and hopefully it does NOT have to be circulating since the owner ripped out all the pumps, controllers panels, lights and electric wiring.

ox
…getting more bitter day-by-day

[urbanrealtor]

[quote=BGinRB]You can always present the findings and ask the seller compensate for the deficiencies you found. After all, you will have to disclose the issues when you try to sell the place and it will cost you. Some people will not purchase a house with cured structural issues.

In general, if you want to bargain you need to be ready to walk away.[/quote]

Get a quote that is sufficient and deduct it.

As said before, all in writing.

Since you are the buyer in contract there is a certain path-dependency here.

It is likely that they will credit you for it or reduce the price accordingly and not kick you out of contract.

Please do verify that your contingencies are still in effect.

Nothing is more embarrassing than asking for a problem to be addressed and having the seller or agent come back and say “sorry contingencies expired passively a week ago and we aren’t fixing anything and if you back out you lose your deposit”. I have not had it happen to me but I have been called in to help fix the situation when it has. Many times.

Good luck.

[urbanrealtor]

[quote=BGinRB]You can always present the findings and ask the seller compensate for the deficiencies you found. After all, you will have to disclose the issues when you try to sell the place and it will cost you. Some people will not purchase a house with cured structural issues.

In general, if you want to bargain you need to be ready to walk away.[/quote]

Get a quote that is sufficient and deduct it.

As said before, all in writing.

Since you are the buyer in contract there is a certain path-dependency here.

It is likely that they will credit you for it or reduce the price accordingly and not kick you out of contract.

Please do verify that your contingencies are still in effect.

Nothing is more embarrassing than asking for a problem to be addressed and having the seller or agent come back and say “sorry contingencies expired passively a week ago and we aren’t fixing anything and if you back out you lose your deposit”. I have not had it happen to me but I have been called in to help fix the situation when it has. Many times.

Good luck.

[urbanrealtor]

[quote=BGinRB]You can always present the findings and ask the seller compensate for the deficiencies you found. After all, you will have to disclose the issues when you try to sell the place and it will cost you. Some people will not purchase a house with cured structural issues.

In general, if you want to bargain you need to be ready to walk away.[/quote]

Get a quote that is sufficient and deduct it.

As said before, all in writing.

Since you are the buyer in contract there is a certain path-dependency here.

It is likely that they will credit you for it or reduce the price accordingly and not kick you out of contract.

Please do verify that your contingencies are still in effect.

Nothing is more embarrassing than asking for a problem to be addressed and having the seller or agent come back and say “sorry contingencies expired passively a week ago and we aren’t fixing anything and if you back out you lose your deposit”. I have not had it happen to me but I have been called in to help fix the situation when it has. Many times.

Good luck.

[urbanrealtor]

[quote=BGinRB]You can always present the findings and ask the seller compensate for the deficiencies you found. After all, you will have to disclose the issues when you try to sell the place and it will cost you. Some people will not purchase a house with cured structural issues.

In general, if you want to bargain you need to be ready to walk away.[/quote]

Get a quote that is sufficient and deduct it.

As said before, all in writing.

Since you are the buyer in contract there is a certain path-dependency here.

It is likely that they will credit you for it or reduce the price accordingly and not kick you out of contract.

Please do verify that your contingencies are still in effect.

Nothing is more embarrassing than asking for a problem to be addressed and having the seller or agent come back and say “sorry contingencies expired passively a week ago and we aren’t fixing anything and if you back out you lose your deposit”. I have not had it happen to me but I have been called in to help fix the situation when it has. Many times.

Good luck.

[urbanrealtor]

[quote=BGinRB]You can always present the findings and ask the seller compensate for the deficiencies you found. After all, you will have to disclose the issues when you try to sell the place and it will cost you. Some people will not purchase a house with cured structural issues.

In general, if you want to bargain you need to be ready to walk away.[/quote]

Get a quote that is sufficient and deduct it.

As said before, all in writing.

Since you are the buyer in contract there is a certain path-dependency here.

It is likely that they will credit you for it or reduce the price accordingly and not kick you out of contract.

Please do verify that your contingencies are still in effect.

Nothing is more embarrassing than asking for a problem to be addressed and having the seller or agent come back and say “sorry contingencies expired passively a week ago and we aren’t fixing anything and if you back out you lose your deposit”. I have not had it happen to me but I have been called in to help fix the situation when it has. Many times.

Good luck.

[Oxford]

Thanks UR 🙂

I am getting quotes on stuff tomorrow. The Bank has not sent back the signed Addendum yet so the clock has not started ticking. My agent and I are watching the clock on this one. Good point you make.

I don’t think it is unreasonable to approach the bank with findings. I didn’t know and they didn’t know at the time of pricing bidding.

But it’s nuts out there. We will see how it plays soon enough.

Stay tuned.

ox
…fact finder

[Oxford]

Thanks UR 🙂

I am getting quotes on stuff tomorrow. The Bank has not sent back the signed Addendum yet so the clock has not started ticking. My agent and I are watching the clock on this one. Good point you make.

I don’t think it is unreasonable to approach the bank with findings. I didn’t know and they didn’t know at the time of pricing bidding.

But it’s nuts out there. We will see how it plays soon enough.

Stay tuned.

ox
…fact finder

[Oxford]

Thanks UR 🙂

I am getting quotes on stuff tomorrow. The Bank has not sent back the signed Addendum yet so the clock has not started ticking. My agent and I are watching the clock on this one. Good point you make.

I don’t think it is unreasonable to approach the bank with findings. I didn’t know and they didn’t know at the time of pricing bidding.

But it’s nuts out there. We will see how it plays soon enough.

Stay tuned.

ox
…fact finder

[Oxford]

Thanks UR 🙂

I am getting quotes on stuff tomorrow. The Bank has not sent back the signed Addendum yet so the clock has not started ticking. My agent and I are watching the clock on this one. Good point you make.

I don’t think it is unreasonable to approach the bank with findings. I didn’t know and they didn’t know at the time of pricing bidding.

But it’s nuts out there. We will see how it plays soon enough.

Stay tuned.

ox
…fact finder

[Oxford]

Thanks UR 🙂

I am getting quotes on stuff tomorrow. The Bank has not sent back the signed Addendum yet so the clock has not started ticking. My agent and I are watching the clock on this one. Good point you make.

I don’t think it is unreasonable to approach the bank with findings. I didn’t know and they didn’t know at the time of pricing bidding.

But it’s nuts out there. We will see how it plays soon enough.

Stay tuned.

ox
…fact finder

[bsrsharma]

Oxford:

Do you know anyone who bought a REO from HomEq (they are a servicer for Deutsche Bank). How rigid or flexible they are with price, contingencies etc.,

[bsrsharma]

Oxford:

Do you know anyone who bought a REO from HomEq (they are a servicer for Deutsche Bank). How rigid or flexible they are with price, contingencies etc.,

[bsrsharma]

Oxford:

Do you know anyone who bought a REO from HomEq (they are a servicer for Deutsche Bank). How rigid or flexible they are with price, contingencies etc.,

[bsrsharma]

Oxford:

Do you know anyone who bought a REO from HomEq (they are a servicer for Deutsche Bank). How rigid or flexible they are with price, contingencies etc.,

[Author]

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