So you found a bank owned property and you want to finance it with a mortgage loan. Here is the dilemma. Bank owned properties typically need repairs, but sellers want to sell it as-is offer. Meanwhile, your lender wants you to make repairs before they will approve the loan. So what can you do?
Add repair costs into your offer. Ask your lender what items would require to fix so you could get an estimate the cost of repairs. Once you have an estimate, add it to your offer price, then ask the seller to credit you for repairs.
It's essential to ask these consessions at the beginning. Once you have presented the offer, it is impossible to ask for addition consessions. If you make it simple to the seller, it is easier they will entertain your offer.
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1 comment:
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