[CT] Buying a foreclosure from the bank (homepath) Any chance they’ll give credit back after inspection?

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:

  1. Do banks ever come down after inspections?

  2. 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.

Thanks.

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Negotiating realtor commission question

I am trying to get some information on an issue that I am having with my agent. This is in FL.

I am trying to buy a house and I made an agreement with my agent that she would get 2% commission and the remainder would be credited back to me, either .5% or 1% depending on what the sellers were offering. After negotiating the final price of the house my portion would be $1550.

My realtor is now saying that the max her broker says she can concede to me is $1000 and she didn’t know this before. She is also saying that she must pay for a MLS Fee, transaction fee, and half of my home warranty (she negotiated splitting this with the sellers agent on her own instead of asking the sellers to pay for it like I wanted.) She is saying these extra costs count against the concessions.

Is what she is telling me right? As long as her broker gets their cut I don’t see why they are dictating what she does with her cut.

Who is normally responsible for MLS and transaction fee? These seem like normal realtor business expenses and should not be the buyers cost.

Can I fire her at this point and go with another agent? We never signed a contract other than the offer to the sellers. I don’t want to do this based on the work she has done, but I don’t want to get screwed over either.

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Bathroom renovation advice

We are considering some bathroom renovation and would appreciate some advice. 4 BR, 2 1/2 bath house. Master Bathroom has a shower and jacuzzi tub. We would like to increase the size of the smallish shower which we use daily. We almost never use the jacuzzi and removing it would make room for a very nice shower. The second bathroom has a tub. Question is, would future buyers prefer a very nice shower but no tub in master bath, or a smaller shower and jacuzzi.

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We’re looking at a house with multiple offers on it… Help.

The house we're looking at is priced at $185k. The neighbor we met when we looked at the outside said that they had already received an offer above asking and our agent said there are two offers already on the table. We really like this house and want to be able to put down a competitive offer. However, we won't be able to get into the house for a couple more hours and the seller wants to make a decision tonight. Our town is overrun with investors – the city is flipping like crazy right now – so I know that if we choose to put an offer down, that's who we're likely up against. The estimate on Zillow is $189k. I want to have a good price point to put on the table should we decide to make an offer.

We've already written a letter to go with our offer so hopefully that will help – but aside from that, what do you think you would put on the table in this situation? I don't want to shoot myself in the foot by offering too much and then the deal falls through if I need to drop the price after the inspection. But I also don't want to offer too low and not even be considered. Is there a usual pot-sweetening percentage investors use to be competitive?

Thank you so much for your time!

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[MA] Absolutely new to home buying and already in a pickle- home not even built yet

I hope this is the appropriate place to post. Let me know if it isn't.

I'm finally in a place where I can start considering home buying. As I was searching through the postings, I can across a home on a large lot. Blueprints and pictures were provided and the price was amazing (120k in an area that averages 260k-360k). I thought that there MUST be a catch, and of course, the house is yet to be built. I tried to look online to see what this meant but its all pretty confusing. A friend of mine told me that they dont want to build the house yet cause they dont have the money and hopes to find someone with enough interest and down payment to start building. I also read online that the price is low now, but can be jacked up. And although it will still be a great price in the end, there are pros and cons of buying pre-built. But these pages don't go into full detail.

The demo is house is beautiful and I dont mind negotiating for a house that fits my needs. Its in a great location that is still being developed which is fine with me. I have plenty of time to wait for the house do be built (2yrs+) but not sure what I would be getting into. Is there any guidance to this type of buy? Is it just a scam? Is this price just bait?

Thanks so much in advanced.

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Asked landlord if we could buy our rental, and got a reply. Not sure how to respond.

St Clair Shores, Mi

We asked our landlord if they would consider selling our rental home to us last week.

We got a reply today. He said that they hadn't thought about selling, but if they did, they wouldn't sell it for a penny under 150k.

That is close to what we thought. We thought they may come in around 140k.

The home is a 3bd, 1.5 bath (half bath in unfinished basement), 2 car garage home. It is a nice home, but will need new windows, wood floors refinished, paint, and some other things done like updates. The kitchen is nice, but isn't what you'd call updated. Appliances are bottom tier and the fridge could stand to be replaced. The bathroom is nice and fairly recently done, but could use a new vanity.

The sump pump needs to be replaced because it is totally seized, and the hvac unit needs a humidifier installed.

The yard is in need of a massive overhaul, including chain link fencing original to the home (built 1955) replaced. The lawn is almost entirely dirt or ground ivy.

The home is in an average to slightly above average middle class neighborhood, very close to a lake, and nearby homes range in price from 90k to a few million (for homes directly on the lake).

I'm not sure how much all that matters.

According to internet searches, the home last sold in 2014 for 45k.

I plan to now move forward with prequalification, but I am unsure how to respond to this price. I feel the price is a bit high, and think we may only be approved for $140k at most.

I have never bought a home before and have no idea where to go with this.

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[OK] As-is sale; inspection negotiations

We were approached to sell our house "as-is" and we agreed to an as-is price. The gentleman had an inspector come out to make sure nothing major was uncovered and protect himself (pretty standard). Nothing major was found, just a punch-list of minor things that are unsurprising and acceptable for a 50 year old house being sold as-is. They are pretty much the same things on our inspection list when we bought the place 4 years ago. He is asking for an addendum to reduce the sale price by 5k.

Um, no. Right? Are we unreasonable since we've already come down from 239k (3x-comped listing price should we list it) down to 220k "as-is" listing price. There was nothing that structurally, safety or security-wise that came up, and no major cosmetic or repair issues. Just a bunch of little things that are pretty much inconsequential. And it's an "as-is" sale. We do intend to list it and sell it in a month, but were approached ahead of time for this private sale and would like to go through with it, but were surprised by this ask.

Just looking for a sanity check for us first time sellers 🙂 Thanks in advance!

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