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Updated over 10 years ago on . Most recent reply

Danielle K.'s profile image
Danielle K.'s profile image
Danielle K.
  • from Brookings, Oregon
  • Member since Dec 4, 2014
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Danielle K.'s profile image
Danielle K.'s profile image
Danielle K.
  • from Brookings, Oregon
  • Member since Dec 4, 2014
Connect
Danielle K.
  • Brookings, OR
2
Votes |
3
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Foreclosures

What DO You Think?

Danielle K.
  • Brookings, OR
Posted

My agent sent me notification of a bank owned house that just fell through - the bank won't finance because of foundation work needed. (Estimate of $3500 to fix) Comps in area between 200 and 300 K . Cash to buy outright from bank... $166.000. Agent said it needs some additional minor upgrades...painting etc to turn into rental.... or more extensive 10-15000 to turn into flip. Why would a bank not loan on this and just include foundation repair in total price? I'm just trying to figure out their reasoning. 

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