My first REO deal--> 2 issues , and how to ask the bank for a lower price.

[Sergio B.]

I am two weeks away from closing.... We have an executed contract and waiting to hear from the bank....the people leaving at the whose had been evicted ( by the bank) last week.

I was able to see better the property after the eviction happened, and I found two issues:

- All appliances were taken ( Washer, Dryer, Stove and Fridge)
- By talking to the neighbors I found out the property has a septic tank and is not connected to the city sewer , this was not disclosed on the original listing of the property.

The question is ?? How can I negotiate with the bank and leverage the above issues to lower the price of the property?

We already have an executed contract and we are just waiting to the city certificate of occupancy before closing ( All REO properties need a city approval before the closing in mi city).

[Jon Holdman]

Are you still in your inspection period? If so, just hit them up with a request for an adjustment. If you're past your inspection deadline, then you probably won't get anything.

Have a look at your contract, though. If its typical for a REO, it will state all personal property is excluded. That would include the appliances. These may have belonged to the tenant in any case.

Nothing wrong with being on a septic system. Is septic typical for this area? There are plenty of places where it is. If so, that's probably already factored in. If every other house is on city sewer and you're is the only one on septic, you may have a case for an adjustment. Especially if there is a problem with the septic or the city or county is pressing to make changes.