Boise ID Real Estate & Meridian ID Real Estate Blog - Idaho Homes for Sale: Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 5 of 7

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 5 of 7

Part 1 , Part 2 , Part 3 , Part 4

Part 5, Negotiating Inspection Items in Need of Repair With The Bank (Seller) 

Seller - bank - typically activates the utilities. If there is a septic tank, banks typically do not have record of last septic tank pumping. To know what is in the tank, you have to pay to have it pumped and inspected-it is a $$ risk but the only way to know what you have. If on a well, I typically run a cup of water from the faucet to the health district for testing.

Once you and your real estate agent have the inspection report in hand, it will be decision time if there are repair issues with the home you have chosen to purchase. From my experience, this is what I would suggest:

• Estimate the cost of repairs for the safety items and the not-so evident items when walking thru the home
• Real estate agent will write repair addendum with listed items in need of repair
• Last item on addendum should be: "In lieu of seller repairing above listed items, seller to credit $_____ to buyer at closing with buyer agreeing to make above listed repairs" 
• Be sure to include whole inspection report when sending repair addendum to listing agent

*By sending the whole inspection report, the seller - bank will now have full knowledge of all problems and repairs needed, thus putting the seller - bank in a bind........It makes sense the seller - bank will have to repair, disclose to NEXT buyer OR agree to credit at closing with you, the current interested buyer. It becomes a disclosure issue if they let you walk away.......make sense?

 You might as well try it, right?

Part 6: Importance of Checking/Reading Title Commitment

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 5 of 7