short sale

**reena** · 01-27-2010, 07:17 AM

Hi everyone
We put an offer on short sale property. there are 2 banks involve in that property. both the bank accept our offer. we did home inspection. in home inspection we found mold in attics. so do we have a right to claim the bank to reduce the price of the property or repair the property?

**Bones** · 01-27-2010, 08:30 AM

If the offer is contingent upon a home inspection you can do what ever is outlined in the purchase agreement regarding that contingency as long as you are within the time lines outlined in the agreement. For instance our purchase agreement allows the buyer to either terminate the agreement or make a written proposal to the seller to correct unsatisfactory conditions that the buyer does not accept based on the findings of a home inspection.

**BoiseRealEstateSoup** · 01-27-2010, 02:22 PM

Run and don't look back!

**JohnAce** · 01-28-2010, 12:01 PM

Yes you can ask the bank for whatever you want. This doesn't mean that they are going to do anything. Working with short sales is also very frusterating and it usually takes a long time for the deal to close. You are much better off buying a bank owned home or a traditional sale where the owner owes less than what the home is worth.

**OceansideRealEstate.us** · 01-28-2010, 02:40 PM

Yes short sales do usually take a long time to close. I agree that a bank owned home is the way to go.

**PreviewOrangeCounty** · 01-28-2010, 06:59 PM

Your entitled to ask for a repair credit from the bank, just make your agent does a good job explaining the mold issue (repair bids, etc.)

**Greg** · 01-29-2010, 05:56 AM

Most home inspectors are not qualified to determine if the stuff in the attic is mold, mildew or something else. You need to have a mold specialist determine if it is mold and if it is a problem or not. Most molds are harmless.

I once had a home inspector tell the buyers there was mold in the crawlspace. It turned out to be lichen, which is a plant that grows near water and this was a waterfront house. Scared those buyers away from a great deal on a perfectly good house.