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Updated over 6 years ago on . Most recent reply
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REO Inspection Period, Who Turns on Utilities?
I have a 4 plex under contract. It is a REO. It's not a perfect gem, however it's not a total dump either. I'm wanting the utilities turned on for my inspection. The listing agent for the bank is really pushing back, saying I need to contact the utility companies and have them turned on. I like to think this is his job. From conversations I've had with utility companies, if you don't own the property, they're not going to honor your request to turn them on.
Who's right, me the buyer, or the listing agent/bank? I think it's one thing to say, "sorry, no utilities", but it's another to have me figure it out (and I'm pretty sure I can't).
Most Popular Reply
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@Christopher Phillips, thanks for the responses. This property has been vacant two years. It was likely not winterized properly, and I expect much of the plumbing to be bad. Not sure about sewer, I suppose I can have that scoped.
What I want to know about is electric and gas. Within reason, time shouldn't have damaged much there. I realize people could have, but I can find that out during the inspection.
I am a cash buyer (for this property). It's been on the market a year. I got it a lot lower than asking, right place right time. There is no knight in shining armor for the bank.