I'm looking at a house that is an approved short sale. It needs a lot of work...new oil burner, 1 bathroom needs to be gutted...WHOLE house needs to be painted and so much of the trim is missing. The outside is ugly but mostly it needs to be sidded or something. I know I have to put thousands into it in order to move in. Would you offer the asking price since it is a short sale and has been approved at that price or would you try to go lower?
Basically what looks like what happened is that in June there was an offer, the bank came back with the counter offer, and the people couldn't secure a mortgage so they backed out.
I need help!!!! Give me your opinions!!!!! Thanks!
MLAngelo
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Re: What would you do? offering on a house...
I wouldn't do it personally. We almost did that... in the end I am glad we didn't. I think it was a money pit and would have wrecked our marriage before it begins. If you are going to do it, offer whatever you can afford after you take into consideration what it costs.
Bring in a structural inspector before you make the offer. On a short sale they probably won't allow an inspection after the offer, but they usually don't care if you bring in an inspector or contractor on your own dime before. If they won't let you bring an inspector of your own that you are paying before you make the offer then DON'T buy it, there is a reason they won't allow it.
Bride908
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Re: What would you do? offering on a house...
I would bid lower. Its a short sale so when that happens it means the bank has agreed to take less than is owed on the house. If it was a foreclosure I'd bid the asking price if I felt that it was a fair price. (we lost 2 foreclosures because we bid to low - not even alot lower than the asking price)
Our agent told us that you should always bid lower on a short sale. Also - its a very looooong waiting process to get an acceptance or not.
HTH
tinadansr
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Re: What would you do? offering on a house...
I would bid lower and see what happens
I've actually seen a couple short sales in East Islip that don't need a alot of work its mostly landscaping GL
flairforfashion
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Re: What would you do? offering on a house...
Always aim lower. You have nothing to lose.
sophisticat13
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Re: What would you do? offering on a house...
I agree, I would bid lower and see what happens. GL
NikkiR515
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Definitely bid lower!!! If they turn it down you can always raise your offer! HTH and good luck!
HotAir
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Re: What would you do? offering on a house...
thanks everyone! I'm sure I am a sucker because I ended up bidding the short sale price...urgh...I don't know!!!! The real estate agent kind of talked me out of going lower since it has already gone through the negotiation stage and this was the approved amount. I will be happy if we close by the end of November because then at least we can get the tax credit!
HotAir
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Re: What would you do? offering on a house...
Update -
We had the engineer in and basically the biggest issues were the heating system (would really need a new boiler and possibly other issues in the cement slab delivering the heat to the baseboards and the electrical system needs a real electrician to correct the DIY stuff going on all over the place). I revised my offer for less and according to my real estate agent someone else put in an offer. So, I might have lost it. I guess oh well. We shall see!
MrsDrinkh20
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Re: What would you do? offering on a house...
Awww good luck lisa! Brad and I bought a fixer upper before we got engaged...it was a great bonding experience doing all of the repairs...I hope this works out for you...if not, it wasn't the right one!
HotAir
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Re: What would you do? offering on a house...
Posted by MrsDrinkh20
Awww good luck lisa! Brad and I bought a fixer upper before we got engaged...it was a great bonding experience doing all of the repairs...I hope this works out for you...if not, it wasn't the right one!
Thanks! This really is a fixer upper! But, we do see a lot of potential in it. The location is also so great because it is so close to my family. But, you are correct...if it doesn't work out it wasn't the right one!
MrsDrinkh20
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Re: What would you do? offering on a house...
Posted by HotAir
Posted by MrsDrinkh20
Awww good luck lisa! Brad and I bought a fixer upper before we got engaged...it was a great bonding experience doing all of the repairs...I hope this works out for you...if not, it wasn't the right one!
Thanks! This really is a fixer upper! But, we do see a lot of potential in it. The location is also so great because it is so close to my family. But, you are correct...if it doesn't work out it wasn't the right one!
I hear ya...we had to gut rooms, knock down walls, painting you name it we did it! Hang in there...it will work out!
