Updated about 10 years ago on . Most recent reply
VA Price Reduction While Under Contract
Anyone here asked for a price reduction on a VA foreclosure once it was under contract?
Monday I was informed that my highest and best offer was accepted on a VA Foreclosure. My inspection period is 7 days. Listing Agent gave me the ok to contact utility companies about turning on service so I could fully inspect the property. Had the electric company at the house this morning. Unfortunately they were unable to connect service due to the fact that the cover panel on the meter box had been tampered with. The guy from the power company said he would check at their shop to see if he could find a cover panel so he could get me service to the house. He was unable to find a cover panel that would fit since the meter box is so old. That said, the power company is required to completely disconnect power lines from the house. Now, in-order for me to reestablish service I have to update the service panel and meter box to the house which has to be permitted. This will likely run me anywhere from $1,200-$1,800.
I'm curious if anyone has ever been successful at asking for a price reduction on a VA foreclosure when something materially significant has been made known during your Inspection/Due Diligence Period? Any insight as to how the VA may handle this is much appreciated.
My thinking is that the VA will simply reject my request for a price reduction as a result of this new information coming to light since they had multiple offers on the property.