We're paying cash for a house out of foreclosure. To negotiate with the bank we're going to include the house inspection report with our offer. We're hoping to get $ taken off since there is structure damage they are underestimating (bottom of back of house in the basement has a crack from top to bottom).
If we include an appraisal, would that tell us the market value as is with all the problems it has?
2007-08-21 22:07:21 · 5 answers · asked by Mike P 1 in Business & Finance ➔ Renting & Real Estate
It has structure and plumbing damage. This isn't a factor for me because my uncle is a contractor :)
2007-08-21 22:23:49 · update #1
I would not spend any money on the home I would just take pictures of the damage adn send them to them with high repair estimates. If you are not getting the home at at least 65% of the After repaired value I would not bother with the home. Too many other things can come up that you are not aware of in the rehab.
2007-08-22 00:26:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are making an offer on a house with structural damage and you have no appraisal?
Would you care to take a look at my properties please? Since you have money to burn I'll make you a great deal, and my houses actually don't lean! See profile!
Edit:
How can it not be a factor? You have no idea what it's worth as is! Of course you need an appraisal!
2007-08-22 05:17:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First don't hold your breathe that the lender will even consider your offer if it isn't what they are asking for. Because they have already had an inspection down and appraisal and know what it is worth, and that is what they are asking.
Honey I'm in the business I know how this works. I wouldn't waste your money on an appraisal.
2007-08-22 07:42:14 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
I do not have much confidence in appraisers. Your appraiser is unqualified to deal with a construction problem. Structural damage sounds like a serious problem. I'd avoid the property altogether.
2007-08-22 06:40:23 · answer #4 · answered by Bibs 7 · 0⤊ 0⤋
Get and appraisal and get a property inspection done. Both are vital for you.
THe appraisal will tell you what the value of hte property is but won't go into great detail with what is wrong with teh property.
The inspection report will detail EVERYTHING that is not up to code and needs to be addressed.
2007-08-22 07:44:54 · answer #5 · answered by Anonymous · 1⤊ 0⤋