Posted on: 07th Oct, 2013 01:50 am
Hello there... we are buying a short sale home. When we check it, we found that it requires certain improvements. Like there are certain holes in the wall and a part of the fence has collapsed. Will the seller fix it before we buy it? Also can I ask them to clean the property before they leave?
Hi Vbow,
In case of a short sale property, the seller is not bound to repair the property before selling it off.
Thanks,
Jerry
In case of a short sale property, the seller is not bound to repair the property before selling it off.
Thanks,
Jerry
Hi Vbow!
Welcome to the forums!
I agree with Jerry. You will have to buy the property as is and do the required home improvements.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with Jerry. You will have to buy the property as is and do the required home improvements.
Feel free to ask if you've further queries.
Sussane
You can ask anybody anything and they either do it or they refuse to do it. You will never know until you ask. People who answered your question above cannot answer for the seller.
In the case of of the short sale, the seller may not be in any financial position to fix anyhting or just may simply refuse, but, you can also ask the lender to make the repairs. The lender may or may not agree.
You may not be able to get a mortgage unless the repairs are made. In that case, someone must make the repairs or you will need to find another house to buy.
The lender is stuck with the house and a mortgage not being paid and has to wait for another buyer and unless that buyer pays cash, the lender will be in the same situation.
In the case of of the short sale, the seller may not be in any financial position to fix anyhting or just may simply refuse, but, you can also ask the lender to make the repairs. The lender may or may not agree.
You may not be able to get a mortgage unless the repairs are made. In that case, someone must make the repairs or you will need to find another house to buy.
The lender is stuck with the house and a mortgage not being paid and has to wait for another buyer and unless that buyer pays cash, the lender will be in the same situation.
