Offlinei need some advice. i have gotten a bank to accept my offer on a shortsale. i just had a buiding inspection and found numerous items in need of upgrading (furnace, roof, plumbing, some electical, and the back porch has settled so the windows don't close completely.) the bank has the property listed "as is". the house is in a very nice neighborhood and will be our personal residence. is there a technique i could use to get the bank to accept a lower offer? thank you, more7
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The only thing I can think of is to document (with photos) all the defects. Even better would be to get a contractors written estimate of all the repairs needed, then contact the listing agent for the lender & let him/her know that the repairs will require adjusting your offer down to cover them. Offer to fax them a copy of the estimate.
Though, you have to weigh the possibility they will not go for a reduction (depends on the lender, real value of the house, time on market, any other offers, etc.)
Since you plan to live in it, that can make it more difficult to negotiate (it's harder to walk away) or at least be willing to bluff that you will.
Jay von Mohr
Jay von Mohr
Mohr Equity
http://www.incomepropertycash.com
We Provide High Cash Flow, Turn-Key & Super Discounted Wholesale Properties.
We give all our buyers Mohr Equity - Jay von Mohr & Cathy Geeting.
Hi,
First off let me say Congrats on negotiating a short sale.
I have been doing them for around 4 years now.
Yes, you can take pictures and use the report to go back to the bank and ask them to review the findings and see if they will settle for less.
We have had to do this before and the banks usually are willing to listen and they will make a decision. We have gotten them to take less.
How long has it been since the bank sent out for their BPO? If any length of time, you could request a new one. Usually for us it was around 90 days. Then you could show the problems with the house.
Hope this helps.
Laura
BMW Investment Properties LLC
"The Short Sale Sisters Journal"
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short sale:
you should get estimates for the repairs to present to the bank/lender
also get a reduced mortgage interest rate for the property since you're helping them get a toxic asset off their books and create a new mortgage+ win win for them and win win for you
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Very good advise from you all to Mohr Equity, I will take this into consideration for future reference. Thank you again.
Sorry my mistake the advise is for MORE7 from the other DG's thanks again.
i just got locked in at 3.75% 30 year fixed with no points. my fico score is 794, my wife's is 809 ( finally something to brag about)
thanks to everyone,
more7