Thursday, May 8, 2014

Will the bank make repairs on REO properties?


My husband and I are looking to buy a home. We have grown out of our apartment. We went through a lender and got pre-approved for an FHA or USDA loan. We are looking for an outdated but yet turn key home in a low price range. We don't mind to do a little work, but it has to be in good enough shape to pass inspections for our loan type. So far, we have only found REO properties or foreclosures in the price range we are at. The problem with the most recent house we have found is that the heat unit was stolen from the side yard. Other than that, the house should pass any inspections. My question is can we not negotiate with the seller of the property to get this issue fixed so that our loan will work? How do you negotiate with the seller? We are willing to offer over asking, and in our area- that's pretty rare. We are first time home buyers and would love some insight on how to negotiate with sellers (especially foreclosure properties). I have been through 2 real estate agents and neither really give me any insight on how to go about this. Any insight and help would be appreciated. Thanks!

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