Posted by Kate (VA) on February 27, 2001 at 07:57:47:
It certainly can’t hurt to ask the seller to pay for those items. After all, you are offering to take this mess off out of his hands. The worst thing that can happen is that he’ll say no.
Good luck!
Kate
May be the dumbest question ever asked, but… - Posted by Charlene Pye
Posted by Charlene Pye on February 26, 2001 at 22:59:41:
does it make sense to have a seller pay for an appraisal and inspection?
I’m asking because I’m a cashless, bad credit newbie and I’ve come across three properties each in different areas.
Here’s the info on one of them:
This is a 3-story two-family that the owner has been trying to sell himself for about 18+ months because he’s tired of having renters ‘tear it up and having to keep paying for repairs.’
I met with the owner last summer, walked through it (he was in the middle of repairs which he’s not going to finish), the third floor has no rooms. He was going to make it a recreation room, he’s asking $50,000 and is not interested in carrying a note, or a l/o. I called him about a month ago and he’s still not interested. HE SAID it needs about $25k in repairs. I talked to a realtor last night. The only comp she found was a 2 family that sold in 11/99 for $85K. One is a 1 bdrm, renting for $425, the other is a 3 bdrm, renting for $500.
I live in the neighborhood, mostly of renters paying between $450-$545.
I want to purchase it, fix it up, and live in one side and rent the other or convert it to a single family, live in it for a year or two then sell it.
Any advice is greatly appreciated and thanks so much!!
Charlene
Re: May be the dumbest question ever asked, but… - Posted by Charlene Pye
Posted by Charlene Pye on February 27, 2001 at 17:12:33:
Thanks for the great advice!!
I’ve been a client with ICR since August 2000. I haven’t tried to get preapproved or prequalified for a mtg. since the repair started. I believe any inquiries will hurt my efforts to get back on track.
Take care,
Charlene
Re: May be the dumbest question ever asked, but… - Posted by Ed Garcia
Posted by Ed Garcia on February 27, 2001 at 09:32:27:
Charlene,
There is nothing wrong with asking the seller to pay what you’ve requested, however it not the norm. In most cases the buyer obtains their own appraisal because they want an idea of the value, and their lender requires it.
You’ve mention having credit problems in the past, so this tells me that the only way you’re going to be able to do this deal is if the seller carries, does a wrap-around with you, if you lease option, could go hard money, which requires a seller carry-back, or if you get a partner with good credit. You’ve mention that the seller doesn’t want to carry, so my suggestion is to move on and find a deal with a motivated seller.
Charlene, I would also like to recommend for you to start working on your credit. You can get some free credit advice and a credit repair kit at http://www.creditinfocenter.com/
Ed Garcia