I love the house, area and the huge yard. The plumbing needs re-piped, needs a new water heater, kitchen and bathroom need updated.. but most of all, it needs new carpet and a fresh coat of paint.
This is a bank owned home. The after repair home value would be appx 80k (comparable's). Should I get estimate's on all of the work that needs done and negotiate (including the cosmetic work)? Since it's a bank I don't know how negotiable they'll go.
Should I include the inspector's report with my offer?
2007-08-19 15:51:35 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
They are asking 70k, but the realtor states "they are very negotiable".
2007-08-19 15:52:20 · update #1
I'm hoping to get it at 50k.
2007-08-19 16:01:40 · update #2
You sure can negotiate the price. Write an offer on the property for the amount you think it is worth. Make the offer coningent to home inspection to your satisfaction. After the home inspection is done and you have a list of all the things in the house in need to be replaced, give a copy to the lender Give the lender the choice to either repair it or give you a break in the purchase price.
2007-08-19 17:00:44 · answer #1 · answered by Monika Wilson 4 · 0⤊ 0⤋
Yes, negotiate. Banks are often more than willing to negotiate, as they are not in real estate and their time and money is being tied up.
Get all the repair estimates, inspector's reports, everything you can get and make an offer. You can always go up; once you make your offer, it is difficult to go down. (The opposite for the seller, of course.) Figure a reasonable amount (value of house considering all the repairs, etc.) and subtract a bit, say $5,000, and see what they say.
2007-08-19 16:09:03 · answer #2 · answered by Nothingusefullearnedinschool 7 · 0⤊ 0⤋
you should definitely include the inspection report with an offer, replumbing alone can cost upwards of $5000, and if you pay 70,000 you will have more in it than it's worth by the time you fix it up. find out how long it's been on the market and maybe offer 40-45K
2007-08-19 16:42:45 · answer #3 · answered by ErasmusBDragen 4 · 0⤊ 0⤋
Yes, negotiate. Yes, use every tool that you have. Make a low offer, then, if necessary, work your way up to a price they agree on.
2007-08-19 16:00:37 · answer #4 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
usually the banks are firm, but if they say negotiable you answered your own question dude,
Should I include the inspector's report with my offer?
HELL YEA
2007-08-19 15:58:27 · answer #5 · answered by chris_sockets 2 · 0⤊ 0⤋