short sales
- Thread starter gld2
- Start date
usctrojancpa
Well-known member
You can ask, but they won't give it to you. My house was a mess after I bought it and I'm sure BofA would have told me to pound sand if I asked for cleaning costs.gld2 said:
usctrojancpa
Well-known member
Same thing, I didn't get any credits. They just took care of the termite repairs. Short sales/REOs are sold "as-is" and "how-is" so don't expect any money for repairs.gld2 said:
irvinerealtor
Well-known member
gld2 said:
Regarding repairs for short sales and on REOs: it depends.
Often the key difference is whether the defect that you're asking to be fixed is something that could've/should've been seen by a common buyer, under ordinary circumstances. In the items you mentioned above, assuming that you made your offer knowing that the window was broken and the door was missing, those would not likely be something that you'd expect to get credit for.
However, if during your home inspection, you find that the dishwasher and A/C are inoperable, there's $10K of termite damage, and wiring to the second story addition is not to code, those are material differences that you would not be expected to have had info on until they were inspected. It would be very reasonable to request a price adjustment or repair to reflect these changes. You should be able to build a case for it, and the bank may grant your request even though they are not obligated to. You still have the power to walk from the transaction if they don't budge, and it's beyond what you feel the home is worth to you, given the new information.
If a window (or any other item) was in one piece when you made the offer, it should be in generally the same condition when you have your final walkthrough. If it was broken during escrow, it is the seller's (bank's) responsibility to repair/replace it even if it is an REO or SS.
Hope this helps,
-IR2
Irvinecommuter
New member
gld2 said:
Bank is not doing anything in a short sale. It never took possession of the property.
REO are different as they are post-foreclosure and the bank took possession of the property for a certain period of time.
Irvinecommuter
New member
Bank is not going to pay for any of it. The seller is on the hook for those. Again, different with a REO since the bank is technically the seller in that transaction. The bank's only involvement in a short sale is approving the sale price and agreeing to take its DOT of the property.
davenlei
New member
One time I had an accepted offer for a short sale and when I took a second look at the property (did not get to inspections yet), I noticed a leak from where the concrete met the wall of the house which turned out to be a bad slab leak which actually bubbled up into the wall and black mold destroyed the back kitchen wall and all the kitchen cabinetry from the inside (the house was vacant for about six months). Since the owners had long left the house and the house could not be sold safely in the condition it was in, the bank offered to pay for the slab leak repair, reconstruct the wall and replace the entire kitchen if I wanted to still have the house. I decided to back out and leave that mess out of my life.
irvinehomeowner
Well-known member
Is there an HOA for that home? This could be an HOA issue depending on what type of box... otherwise, I believe you can deal with the post office.gld2 said:
irvinerealtor
Well-known member
Hopefully some good news and progress made in standardizing the reporting for short sales... MLS participants were greeted with this notice this evening:
Hopefully this will help eliminate some of confusion on those listings that drag on with 300+ days of "active" status that everyone knows are not really "active" at all.
-IR2
California Regional MLS is aware that you may have been contacted by Bank of America and instructed to leave your short sale listing?s status set to Active until the short sale has been approved by Bank of America. Please remember that Section 10.2 of the CARETS Standardized Rules and Regulations states that listings with accepted offers shall be reported to the MLS or input into the MLS database as ?pending? or ?back-up? within 2 business days of the acceptance by the listing broker. Failure to update your listing?s status will result in a listing status violation.
California Regional MLS, along with many MLSs across the nation, have contacted Bank of America regarding Bank of America?s requirement being a direct violation of MLS rules. We expect that Bank of America will be issuing further clarification on its instructions before the end of the week.
California Regional MLS, along with many MLSs across the nation, have contacted Bank of America regarding Bank of America?s requirement being a direct violation of MLS rules. We expect that Bank of America will be issuing further clarification on its instructions before the end of the week.
Hopefully this will help eliminate some of confusion on those listings that drag on with 300+ days of "active" status that everyone knows are not really "active" at all.
-IR2
irvinehomeowner
Well-known member
What about those listings with 300+ days of "pending'" status? 
irvinerealtor
Well-known member
irvinehomeowner said:What about those listings with 300+ days of "pending'" status?
300+ days of "pending" = just the one buyer's problem
300+ days of "active" = everyone else's problem
-IR2