Bought a foreclosure from the bank. Closing date is about 2 weeks from now. I had the inspection(s) done, and it did come back with some problems (septic tank being the biggest).
This house was listed for sale for 6 months before I bought it. I bid and won the house above asking price – if that matters.
Quote for fixing the tank is close to 10% of home price. I've heard from my realtor that banks are the worst to deal with and absolutely never make any concessions to buyers – they sell AS IS (even though this home was not being sold as AS IS).
I told my realtor that we'd get some quotes and send that over to the bank and see what they say about giving some credit back. Before I could even get the quotes, she tells me she talked to the bank and the told her AS IS.
Not sure how hard she pushed for it, if at all. Obviously realtors have an interest to NOT lower the price. For example – even if they decided to give $10,000 credit – then that's $300 less shell make on commission (right?), so what motivation does she have to actually lower the price?
So 2 questions:
Do banks ever come down after inspections?
Should I have her actually type up a report and request to the bank and cc me on it so I can actually see what the bank says.
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