Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Inspection results on a foreclosure
We are in the process of buying a foreclosure. The inspection was yesterday and while I knew there would be a good deal of things picked out, I wasn't expecting some of them! For example, the furnace did not fire, the air conditioner did not operate, AND the water heater did not operate. The inspector said in his report that the furnace, AC, and water heater should be serviced and examined prior to release of the inspection contingency. The house is 18 years old, so we would expect to have to replace these in the near future.
My question is - have any of you had any luck with getting the seller (the bank) to pay for these costs and/or decrease the price to cover these things? Your input is greatly appreciated!
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Re: Inspection results on a foreclosure
View our FOR SALE items
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Here's the thing--it doesn't hurt to ask. The bank may be ready to unload it and will be willing to work with you to seal the deal. We purchased a foreclosure that also had some inspection issues. Our REA wasn't optimistic since the price we had negotiated was a steal, but they agreed to fix everything including fixing a plumming issue, replaced the supports on the deck, repaired electrical, repaired the stove (which did not work) AND serviced the A/C and furnace. They also repaired some minor termite damage that was noted.
Honestly, had they not agreed, we still would have purchased the place considering the price we paid was sooooo much lower than asking, comps and appraisal for the area. Our neighbors joked with us after we moved in that they were amazed that the bank sold it to us for the price they did. Houses move well in our neighborhood and none of them have been on the market more than 2 months before selling at significantly more. So...if the bank doesn't agree, is the price of the home fair for the condition?
My Valentine Bookends (2~13~13, 2~15~09)
As the pps have said, it doesn't hurt to ask and the answer you'll get depends on the seller.
We bought a foreclosure a little over two years ago. Turns out the house had been improperly winterized, so due to burst pipes there was no running water and we were not able to have a full inspection as a result. Our lender was threatening to back out. Even that wasn't enough to convince the bank to make repairs; they insisted the house was being sold as is and were willing to lose the sale over it. At the last minute, our broker worked out a deal where we escrowed money for repairs pending a satisfactory reinspection within 14 days of closing and we were able to get the house. But if not for that we'd have had to walk away and the bank was fine with that.
Hopefully you'll have better luck!