After the Inspection - Ka Ching$, Ka Ching$, can we renegotiate the price on this bank owned property?

By
Home Stager with Colorado Premier Staging, LLC

We just had the home inspection, sewer scope and radon test performed on the bank-owned property we bid on.  There were a few unpleasant surprises but not as many as there could have been.  Is that a good thing?

The sewer scope came out clean.  No problems.  The radon testing on the other hand, not so good.  The average reading was a whopping 19!  OUCH.  So, add radon mitigation to the cost of fix up.  The inspection was a mix of good and bad.  Absolutely no structural damage, which is great in an area known for bentonite.  The plumbing is good, wiring is good, no aluminum, and the house is sound.  However, the furnace doesn't come on at all plus it is the original 1980's edition, the house has some drainage issues that have caused the garage floor to sink 6" and have also caused some minor mold problems.  So, ka ching, ka ching, add the cost of mold mitigation, french drains, a new furnace and mud jacking to the price tag.

When my realtor and I heard the news from the home inspector, all I could think was the price of fixing this is getting over what I think makes it a good deal.  I asked, fearing a flat out NO, "Do you think we can renegotiate the price on this with the bank?".  My realtor, a great gal, said "Well, they usually won't do that but it can't hurt to ask."  So while I continued to talk with the inspector, she got busy on the phone.  And, guess what?  They Will renegotiate!  So she has taken the initiate to find out what it will cost to fix each of the issues and is taking that to the negotiation table.

I hope to find out how much they are willing to negotiate next week.  Will it be enough, will we have a deal or do we start all over again?  Stay tuned.

 

 

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Teri Clardy, PMP &
APSD Certified Home Stager, Vacant & Distressed Property Stager & 
Home Stager Trainer
 
Colorado Premier Staging, LLC
"We Specialize in Staging Vacant & Distressed Properties"
 
 
 

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Anonymous
Barbara Heathcote

Teri - good luck on the property!  Keep us posted!

Barb

Jul 10, 2011 04:47 AM #1
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Teri Clardy

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