Consumption and Real Estate
Will banks negotiate pricing in a short sale property after home inspection is done ?
Question : Will banks negotiate pricing in a short sale property after home inspection is done ?
Lets say bank accepted our offer in a short sale and then we did our home inspection.
1) Can we negotiate with bank if found something during the home inspection ?
2) Does banks are willing to give credit or negotiate price after the home inspection ?
3) How much of $ $ amount worth negotiating make sense during this time ? lets say if there is $ 1000 worth repair, can I negotiate with banks at this time ?
home inspection pricing
Best answer:
Answer by David Z
You sure can but this could take weeks. If first round of approval took long time assume this will to. If your first round of approval takes 3-4 months how likely will you be to ask for another $ 1,000 of ticky tack repairs some inspector comes up with? This is probably not a good way to go on a short sale.
You can add language to original purchase agreement saying seller will pay for up to $ 1,000 in repairs as a result of inspection.
the idea of negotation is to come to an agreement. Once an agreement
has been reached, it is logically the idea to complete the terms
of that agreement prior to seeking a change or a new agreement.
The Chinese do this all the time however; Communists who are
raised to believe or trust no one, will expect the other side to perform
and when they do, the Chinese will do 1/2 or less of the agreement
and say “we’re done.” The other side either loses heavily or has to
re-negotiate. Don Trump, the NY billionaire, started doing this
within US real estate transactions.
YOU can try to re-negotiate after the fact but the other
side does not have to agree or listen.