From: "John A. Weeks III" 
Newsgroups: misc.invest.real-estate
Subject: Re: Advice Needed...
Date: Mon, 26 Nov 2007 18:09:04 -0600
Bytes: 2594

In article 
,
 steve011@gmail.com wrote:

> My wife and I are looking at buying a property (built in 1999) that is
> in foreclosure and priced well below the assessed value. We made a
> competitive offer a little over a month ago with a home sale
> contingency (which we knew wouldn't fly, but our property is on the
> market, and the thinking was we could immediately remove the
> contingency once we got an accepted offer). There have been several
> other offers made on this property.
> 
> The bank has asked the potential buyers to resubmit offers in light of
> the fact that they now will apparently not be paying to have the
> utilities turned back on for an inspection or for the Title V, which
> will run about $4,000 or so (just to be able to decide whether or not
> to proceed with the sale if an offer is accepted).
> 
> My wife and I both like this property, but the added risk is making us
> a little nervous. Does anyone have any suggestions on how to proceed?
> My thought had been to remove the home inspection contingency and take
> at least $50k off our previous offer. In affect, we're assuming the
> worst case, taking the property as is, and will use the money we save
> on the reduced offer to make repairs (which may or may not be
> necessary).

My first thought is that they have multiple offers, and they are
looking for higher bids, not a $50k smaller offer.  Other than that
impression, I have no clue.  Can't you get in an do an inspection
using a battery powered light?

-john-

-- 
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John A. Weeks III           952-432-2708            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com
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