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Author Topic: Winterize before bank acceptance?  (Read 3313 times)

Offline JohnSilva

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Winterize before bank acceptance?
« on: November 26, 2007, 10:07:24 am »
I am trying to figure out what to do before its too late. I have a property in NJ that I offered $600k on and I was able to get the BPO back at $625k. I feel that this would be a good indicator that the bank will accept my offer of 600k but I am not sure.

The main problem is that the pool needs to be winterized but I dont want to pay for it unless I know they will accept my offer. Winterizing the pool will cost $250, which isn't a big deal but I'd still like to know I wasn't just throwing the money away.

The BPO was done last Wednesday. What would you do in this situation?

Offline Foreclosure Negotiator

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Re: Winterize before bank acceptance?
« Reply #1 on: November 26, 2007, 10:36:36 am »
If you don't spend the $250 and you end up getting the place, you will really wish that you had spent it.  If you don't get the place, your out $250.  It really comes down to how much $250 is to you.  Personally, if $25k is the discount amount on anything valued over $500,000, chances are that the bank will accept.
Matt Fairfield
Foreclosure Negotiations L.L.C.
Foreclosure Negotiator
PreForeclosures to REO's for Beginners & Pro's
ForeclosureNegotiations.org

Offline tatertot

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Re: Winterize before bank acceptance?
« Reply #2 on: November 26, 2007, 01:03:35 pm »
Banks often winterize their properties. What I would do would be to call whoever is in charge of the proeprty and inform them that they are going to lose the pool if they don't get it winterized immediately.

Maybe they will get it done, maybe they won't, but it's worth a try. Let them know that of the pool is destroyed, your pending offer amount goes down substantially, because the offer was based upon getting a usable pool.

What's involved in winterizing a pool? Is it something that is very cheap and easy to do yourself (like house plumbing) and costs $250 to have someone else do it?

I don't think it is a good idea to be making changes to proprties that don't belong to you. You've got liablity issues.

On the other hand, it would really be the pits to have the pool damaged while you watched it happen.

 




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