ehm3
955 Posts |
 Posted - 05/15/2008 : 12:44:27 PM
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had a client trying to buy a bank owned mfg home but thieves had stolen all the copper wiring and the plumbing out of it. Obviously a problem since there's not much for a mfr in a declining market other than FHA (they didn't have much $$ down).
Told the realtor to tell the bank that they need to fix it if they wanted to sell, and if they chose not to it might be months or even years to sell the property since it wasn't FHA eligible as is. (other than the almost non-existent 203k program of course)
It took damn near a month but they finally agreed. I was actually somewhat shocked, since normally these REO's are put up or shut up and common sense almost never applies. I guess it helped that we had a full preapproval and a signed contract with some decent earnest $$. |
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