Negotiating with the bank on a distressed property

[Randall Kates]

I recently got a  property under  contract for 140k and  had  3  contractors  quote  me on  how  much it would be. Which was over 40k in rehab cost on average.The  bank believed that the listing realtor  undervalued the property and  wanted  the realtor that represented the property to show  proof  for  the  price  listing being so low. I  was prepared for battle and was  actually  going to submit my  contractors  quote  substantiating the damage to go along with my bid but while in the  process the bank  used  there own Brokers Price Opinion   and  as you may have  guessed  rejected my first offer and  stated that they wanted  as  close to 180k as  possible. The comps are in the  200's  so the higher it gets  my stomach turns over more and  more  at the  potential skinny profit margin.  In this  instance  should I still go ahead  and finish up  with the  quotes my  contractor  or is it to late  to  try to play my style  of  negotiation? Shouldn't this melee  have  been left to the Realtor?

[Wayne Brooks]

I e.  Yes, we ALWAYS send in legit contractor estimates for Major repairs WITH the contract.  It's harder to get them to come off a number after they have established it, without the repair estimates.  No guarantee that they consider the repairs though.  Justifying your price with repair estimates is on you, not the listing agent.