Re-negotiate after inspection

[Kate J.]

Hi,

It seems I just did an offer for a house from hell. I am trying to purchase a house from bank. It is around 5000 sq ft. It does not have wires (owner started rewiring but never finished), no electrical panels, plumbing damages, oil tank leak (potential soil contamination), and leak in gas pipe, AC has problem as well. I believe that the bank who sells it will be reasonable and will negotiate a bit. But how much do you think is reasonable to ask? The cost of repairs have been quoted (by more expansive firms) as around 90k. I wonder if any of you had such a huge re-negotiation and if it is really possible. 

[Michael Cohen]

Hi Kate J. - yes, many banks renegotiate after inspection. Some may not, but it's certainly common enough to ask.

This is why you should always work with a realtor experienced in your market. They can guide you through the process, help develop a strategy, and ensure you're paying a fair price.