Conventional loan with no stove or hood
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
2yNever saw a hood requirement. For a stove that's easy, get a $100 one off Craigslist and deliver it over there.
Skyline Properties
9 Replies
- Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes2y
I assume this is a bank owned (REO) or government owned (e.g. HUD) property since you know appliances are missing. When you buy a (real) "foreclosure" at, for instance, a trustee sale the only requirement for the sale to go through is you need to pay the winning bid price in full. In general, it is more difficult to finance a foreclosure because of lender requirements.
If the PCR (Property Condition Report) identifies the property as IE (Insurable with Escrow) the, yes, a lender may allow you to fund an escrow account at closing. If the PCR shows the property as UI (UnInsurable) then many traditional lenders may turn you down.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes2y
Never saw a hood requirement. For a stove that's easy, get a $100 one off Craigslist and deliver it over there.
Skyline Properties - Member since 2022 · 241 posts · 62 votes2yThanks! Hopefully that will work. I am out of state so it's tough to do something like that unless I fly in or something. Sounds like they can do an escrow withholding possibly
Quote from @JD Martin:
Never saw a hood requirement. For a stove that's easy, get a $100 one off Craigslist and deliver it over there.
- Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes2y
Alternatively, you could get the appraisal done, let it get called out and then have a conversation with the bank saying that this is all that is needed and with it is a full contingency release. You will pay for the appliances and installation. The bank wants it sold one way or another. You can explain to the Realtor that if you don't do this, then it has to be a cash buyer and they will offer less. I bought a triplex where the Seller (not a foreclosure) was lazy and didn't want to put in hot water heaters even thought he got full price offers. I ended up negotiating the price down using cash and got the property literally for 50% off the list price.
- Member since 2022 · 241 posts · 62 votes2yThat's awesome! Would that work if the seller (bank) says it won't make any repairs and it's sold as is where is, and buyer financing must work with as is condition? That's why I was trying to be sure.
Quote from @Rick Albert:
Alternatively, you could get the appraisal done, let it get called out and then have a conversation with the bank saying that this is all that is needed and with it is a full contingency release. You will pay for the appliances and installation. The bank wants it sold one way or another. You can explain to the Realtor that if you don't do this, then it has to be a cash buyer and they will offer less. I bought a triplex where the Seller (not a foreclosure) was lazy and didn't want to put in hot water heaters even thought he got full price offers. I ended up negotiating the price down using cash and got the property literally for 50% off the list price.
- Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes2y
Quote from @Sam Booth:
That's awesome! Would that work if the seller (bank) says it won't make any repairs and it's sold as is where is, and buyer financing must work with as is condition? That's why I was trying to be sure.Quote from @Rick Albert:
Alternatively, you could get the appraisal done, let it get called out and then have a conversation with the bank saying that this is all that is needed and with it is a full contingency release. You will pay for the appliances and installation. The bank wants it sold one way or another. You can explain to the Realtor that if you don't do this, then it has to be a cash buyer and they will offer less. I bought a triplex where the Seller (not a foreclosure) was lazy and didn't want to put in hot water heaters even thought he got full price offers. I ended up negotiating the price down using cash and got the property literally for 50% off the list price.
It is a hard maybe. Even though it is a bank there are still people behind it. I'm not sure if this is possible, but maybe the listing agent can do it and you increase your closings to pay them back.
The worst thing that could happen is you cancel and you are out a few thousand dollars from inspections and the appraisal. Just make sure your contract is written well enough so you are protected.
To me it is worth a shot if the numbers make sense.
- Member since 2022 · 241 posts · 62 votes2yI will look into that, and appreciate the tip!
Quote from @Rick Albert:
Quote from @Sam Booth:
That's awesome! Would that work if the seller (bank) says it won't make any repairs and it's sold as is where is, and buyer financing must work with as is condition? That's why I was trying to be sure.Quote from @Rick Albert:
Alternatively, you could get the appraisal done, let it get called out and then have a conversation with the bank saying that this is all that is needed and with it is a full contingency release. You will pay for the appliances and installation. The bank wants it sold one way or another. You can explain to the Realtor that if you don't do this, then it has to be a cash buyer and they will offer less. I bought a triplex where the Seller (not a foreclosure) was lazy and didn't want to put in hot water heaters even thought he got full price offers. I ended up negotiating the price down using cash and got the property literally for 50% off the list price.
It is a hard maybe. Even though it is a bank there are still people behind it. I'm not sure if this is possible, but maybe the listing agent can do it and you increase your closings to pay them back.
The worst thing that could happen is you cancel and you are out a few thousand dollars from inspections and the appraisal. Just make sure your contract is written well enough so you are protected.
To me it is worth a shot if the numbers make sense.
One thing they had a penalty of "$100 per diem" if the contract falls out because of failure to finance. Not sure exactly what that means but that's why I wanted to get it locked in good! - Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes2y
Quote from @Sam Booth:
I will look into that, and appreciate the tip!Quote from @Rick Albert:
Quote from @Sam Booth:
That's awesome! Would that work if the seller (bank) says it won't make any repairs and it's sold as is where is, and buyer financing must work with as is condition? That's why I was trying to be sure.Quote from @Rick Albert:
Alternatively, you could get the appraisal done, let it get called out and then have a conversation with the bank saying that this is all that is needed and with it is a full contingency release. You will pay for the appliances and installation. The bank wants it sold one way or another. You can explain to the Realtor that if you don't do this, then it has to be a cash buyer and they will offer less. I bought a triplex where the Seller (not a foreclosure) was lazy and didn't want to put in hot water heaters even thought he got full price offers. I ended up negotiating the price down using cash and got the property literally for 50% off the list price.
It is a hard maybe. Even though it is a bank there are still people behind it. I'm not sure if this is possible, but maybe the listing agent can do it and you increase your closings to pay them back.
The worst thing that could happen is you cancel and you are out a few thousand dollars from inspections and the appraisal. Just make sure your contract is written well enough so you are protected.
To me it is worth a shot if the numbers make sense.
One thing they had a penalty of "$100 per diem" if the contract falls out because of failure to finance. Not sure exactly what that means but that's why I wanted to get it locked in good!It is always important to know what you are signing. If I'm reading that correctly, it means if you back out then there is a fee that is likely coming out of your deposit. So for example if you cancel and have been in escrow for 14 days, that is a $1,400 penalty. That is something that should have been discussed before entering escrow.
- Member since 2022 · 241 posts · 62 votes2yWe are still negotiating the price, they have one other (low?) Offer so I will find out thr meaning of that penalty should we end up backing out.
Quote from @Rick Albert:
Quote from @Sam Booth:
I will look into that, and appreciate the tip!Quote from @Rick Albert:
Quote from @Sam Booth:
That's awesome! Would that work if the seller (bank) says it won't make any repairs and it's sold as is where is, and buyer financing must work with as is condition? That's why I was trying to be sure.Quote from @Rick Albert:
Alternatively, you could get the appraisal done, let it get called out and then have a conversation with the bank saying that this is all that is needed and with it is a full contingency release. You will pay for the appliances and installation. The bank wants it sold one way or another. You can explain to the Realtor that if you don't do this, then it has to be a cash buyer and they will offer less. I bought a triplex where the Seller (not a foreclosure) was lazy and didn't want to put in hot water heaters even thought he got full price offers. I ended up negotiating the price down using cash and got the property literally for 50% off the list price.
It is a hard maybe. Even though it is a bank there are still people behind it. I'm not sure if this is possible, but maybe the listing agent can do it and you increase your closings to pay them back.
The worst thing that could happen is you cancel and you are out a few thousand dollars from inspections and the appraisal. Just make sure your contract is written well enough so you are protected.
To me it is worth a shot if the numbers make sense.
One thing they had a penalty of "$100 per diem" if the contract falls out because of failure to finance. Not sure exactly what that means but that's why I wanted to get it locked in good!It is always important to know what you are signing. If I'm reading that correctly, it means if you back out then there is a fee that is likely coming out of your deposit. So for example if you cancel and have been in escrow for 14 days, that is a $1,400 penalty. That is something that should have been discussed before entering escrow.
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