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#456960 - 03/19/17 03:58 AM Bank Owned House
rjlocal22 Offline

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
I am getting close to the negotiating stage on this house. I
was told by a man who lives next property over, that the former owner had to often hire a plumber to snake the septic line.
I suspect there may be something more serious.
So I intend to ask the bank to pay for an inspection and also pay for any repairs and then pay back the bank these cost's by adding it to the banks asking price at settlement.
What are the chance's they will agree?
The house is winterized and I suppose the inspection and testing company will need permission to enter the property.
If the bank does not agree and tells me I must accept to purchase "AS IS", then my only recourse would be to offer a
"AS IS" price much lower then the asking price.
Unless there is an alternative to this idea, then I like to hear about it.

#456963 - 03/19/17 06:20 AM Re: Bank Owned House [Re: rjlocal22]
STEW Offline
Veteran Member

Registered: 08/27/07
Posts: 554
You need to discuss these issues with your Realtor. She/he is in the best position to advise you versus random people online unfamiliar with the specifics.

#456964 - 03/19/17 07:06 AM Re: Bank Owned House [Re: rjlocal22]
rjlocal22 Offline

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
I was hoping someone had some experience in this area.
On Monday, I'll be talking to the bank's agent and see If he will set up an appointment with the bank officer to discuss this issue.
I believe if repairs are needed, it would be better if I could place the costs on the mortgage, so that I can deduct the interest
off my tax's. And there will be just one payment rather then two.
Also there is no guarantee, I will be able to get a loan for repairs that allows me to deduct the interest.

#456980 - 03/21/17 01:17 AM Re: Bank Owned House [Re: rjlocal22]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2273
Loc: Outer Banks
I doubt you will ever talk to a bank officer, that is why they hire an agent, plus the banks typically turn over the sale to an asset managing company who hires the agent.

In your scenario the lender runs the risk of paying for an inspection only to have you back out of the deal leaving them holding the bill for an inspection.

You need to find an agent who knows their way around a foreclosure to help you protect yourself from the banks agent. They will get paid by the lender but they will be protecting you. The banks agent is lawfully required to screw you over in favor of the lender and from your questions here, you do not know how to protect yourself.
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

#456984 - 03/21/17 03:43 AM Re: Bank Owned House [Re: rjlocal22]
reopro Offline

Registered: 09/13/06
Posts: 59
Loc: Virginia
Write your offer subject to you getting a satisfactory inspection at your own expense. It is better to pay a few dollars in the beginning of the transaction than to lose money not knowing the true condition of the plumbing. If there is a septic problem the seller might credit you the repair money.


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