Upcoming Foreclosures

Termite Repair in Bank Owned properties ? Do they usually "not" do section one repairs?

The bank is refusing to do any repairs,...... is this right ? IT IS B4 ESCROW,... AN ASK FOR IT AND GOT THEM TO PAY FOR IT YAYY

Public Comments

1. Most bank-owned properties are for sale "as-is" and the price is supposed to take into account any repair work that needs to be done. If they know of problems with the house, they are legally obligated to tell you if you ask, but they are not required to fix it before selling the property. If you have discovered problems that the bank claims they did not know about, you should ask them to drop the price further.
2. This depends on many factors. Some banks do, some don't. This will be outlined in their purchase agreement addendum prior to opening escrow. If section 1 termite is a concern you should have a report done by a reputable company to ensure all problems are fully disclosed to you as the buyer. Since I have personally represented over 43 buyers this year alone purchasing bank REOs I can tell you the odds of the bank reducing the price to cover termite damage is unlikely and should have been pre-negotiated prior to opening escrow. Hope this helps.