The Repairs on a Foreclosure
Posted by Karla Villanueva
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The Repairs on a Foreclosure :
First, the bank will not want to do any pre-closing repairs, offering the property "as-is." The buyer(s) will do an inspection, and it is likely that the list of repairs will be quite extensive. The buyer's lender will likely want some or all of the problems corrected before closing, leaving the buyer in a dilemma, and they'll usually walk away.
Competing NON-Foreclosures:
The smart seller will have done their own pre-listing inspection and corrective action repairs. They will be offering the alternative of a move-in ready home, with proof of all repairs they've done to bring it to that condition.
First, the bank will not want to do any pre-closing repairs, offering the property "as-is." The buyer(s) will do an inspection, and it is likely that the list of repairs will be quite extensive. The buyer's lender will likely want some or all of the problems corrected before closing, leaving the buyer in a dilemma, and they'll usually walk away.
Competing NON-Foreclosures:
The smart seller will have done their own pre-listing inspection and corrective action repairs. They will be offering the alternative of a move-in ready home, with proof of all repairs they've done to bring it to that condition.
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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