All Forum Posts by: Jack Srimani

Thanks for educating me further on REO property issues I am having serious concern with. I appreciate it again.
Regards

Thanks Jon for further clarification. I appreciate it.

Thanks Jon. I was not aware that one can use generator for inspection when there is no electricity in the house. That itself is an illunimation for me.

Hi,
I just got approved of a bank loan from a small bank. (Thanks for folks who advised small bank for small loan). Now tomorrow my realtor and I are going to go through the offer contract. After signature the realtor is going to submit the offer to the bank with earnest money deposit. For this house the water is currently shut(kind of winterized). There is no electricity. I would like to do a thorough inspection to know how the structure, water, furnace, water heater is working. However my realtor is saying it may be difficult to get the electricity back on as there may be past bills due from the previous owner. I was confused with that statement. Without electricity there is no way to see how the water heater, the furnace (heating is working). So I will have no idea if these are in working condition. Under this circumstance I do not know how to proceed as this is my first REO. Could somebody help me with some direction. Also the earnest money is 1000 dollars though the house is for 24000 dollars currently.
Thanks

Thanks Curtis for the advise. I appreciate it.

Thanks everybody for further help. Kristian does that mean that I can do inspection after the offer acceptance and if I am not satisfied with the inspection e.g. if the repairs are significantly high I can move out and get my earnest money. I am trying to figure it out the condition for which earnest money will be returned for major repairs that would cost huge money. Then the deal is not sweet any more. Thanks.

Thanks JScott for the feedback. I appreciate your advise. Also I found out that now it is not a bank but HUD owned. So is HUD owned property will be have the same approach or more open to negotiation. Regards

While purchasing a REO property if my inspection shows a lot of issues can I negotiate price with the bank. Also if I am in a situation where the inspection reveals multiple issues that requires major expenses to put it in a livable condition and I decide to walk away from the deal then do I lose the earnest money. Thanks for any help. Regards,

Thanks everyone for the valuable advise as to what's going on for large banks. So I have to find smaller ones. Which means more phone calls and research. Regards.

Hi,
I contacted my bank for financing a property I am buying which is approx. 25k. However my bank denied stating that they will be only financing properties of much higher value where the bank needs to lend at least 30k. I am not sure why such a restriction. Is this common scenario. If so how does one get fianancing for deals on properties which are cheaper in value. I appreciate your input. Thanks