All Forum Posts by: Sean Sandoval

The bank was very tight on this deal.  I am HVAC certified and a not practicing home inspector, so there are no issues.  I saw what I needed.  

The Bank countered at my $9500 and No closing cost and No inspection period.  To close in 3 weeks.  Also I am able to secure the AC unit at my own cost and to hold them harmless if we do not close.

I countered at $9200.  The bank stood firm on the $9500.  I did not want to lose the home over $300, so I agreed.  We close February 6th.  After repairs the home should be worth over $35k for the area. I expect less than $10k in repairs.

Thanks to all that replied.

What kind of short times are you talking about?  No inspection?  Closing within 10 days?  What is attractive to them.  I do not think I am low ball offering here,  I think it is very fair, ONLY if the AC unit is still there.  Honestly I do not know why the previous owner spent so much on the furnace and Air conditioner when the house needed so many other things like windows!  I mean this is a top of the line furnace and AC unit!  Probably had to go so high because they were heating and cooling the outside!

Ok other than putting the cage in myself and forfeiting it if the deal falls though is everything else ok with the offer?  Would you change anything else to make it more attractive?  Such as closing time or forgoing inspection period?  Or splitting closing costs?

Closing costs should not be that high with a cash offer should it?  Especially if they use their own title company.

Also should I note to them that the actual square footage is less than advertised or would that not matter?

I have a property that I am looking at. I am looking to both Live in and eventually flip several years down the road. It is in a neighborhood that I am trying to invest in. I am dealing with the REO agent directly. The home has only been on the market for a week. The bank is asking $9,900. I know that there have been a few offers made such as $6500 and $7200, both of wich the bank has countered at $9,900 asking price.

I have inspected the home and know it has issues, but I can personally address them.  I have extensive construction experience and HVAC Certification.  One major concern is the AC Unit.  Someone has already attempted to steal it.  They cut all the power lines.  This is a year old $2000 unit.  One of the main reasons I am willing to offer what I am offering.  The Furnace is new also.  Anyway this is my offer please advise me as to what I should change to make the offer more desirable to the bank and hopefully lock down this deal, or tell me what is wrong with my offer.  I am trying to show them how insecure the property is also.  It is as follows.

Offer is all cash offer of $9500 with seller paying closing costs. Seller can use title company of their choice. Close within 14 days. Seller will install a HVAC Cage to secure the HVAC unit that has already been compromised and all wiring has already been cut from unit, or allow buyer access to install HVAC Cage. 5 day inspection period, most of which is to make sure AC Unit is secure. This offer is valid ONLY IF AC UNIT IS PRESENT AT CLOSING.

Thanks for any advice!