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11-16-2011, 08:33 PM #1
Renter
- Join Date
- Nov 2011
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- 1
How hard to push on a bank owned home?
My wife and I had an offer accepted on a bank owned home about a month ago. The appraisal came in low and our inspection found mold. The bank has finally agreed to the lower purchase price and is giving us the original concessions we requested along with the minor repairs required by FHA. Good deal until you realize it took over 2 weeks from the appraisal coming in to get that answer and we still don't have it in writing. The closing date was extended 2 weeks but the listing agent still has to get quotes for the repairs and then get the bank to approve. Our lender needs the repairs done within a week in order to meet the closing date and our rate lock expires shortly after that. I asked my agent about pushing the listing agent (who has even less urgency then the bank) but he's reluctant and even acting like I am being unreasonable. Personally I think he has too many clients right now and is unwilling to spend time on our situation. Especially since he didn't even come to most of the walkthroughs we did to find this house and hasn't even seen this one in person at all yet. His contention is that if he pushes too much they'll be even less responsive. I don't want to lose the house but I don't want to be strung along incurring rate lock extension fees either. Any advice?
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11-17-2011, 05:16 AM #2
Moderator
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- Sep 2007
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- Outer Banks
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A foreclosure with mold should sell for substantially less than the appraised price. Banks hate mold.
Walk away from this house and your agent. Otherwise you are going to be left with a bad taste in your mouth. These foreclosure will be around for a while and there will be another one show up, and maybe the next one won't have mold. With the presence of mold in the house you should be getting a huge discount. If you walk away the listing agent will be required to disclose the presence of mold in the house which will scare away most buyers.
No agent should be representing a buyer on a house where the agent has not seen the house. This agent is breaking his fiduciary responsibility to you, his client.
if the house is still on the market after you fix your loan lock then make an offer with another agent. Your old agent is going to use the buyer agnecy agreement you signed to pressure you to work with him but he broke his end on the buyer agency contract when he did not look at the house he wrote an offer on for you. Hw can not hold you to a contract he already broke.markbrian likes this.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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