Trying to buy a short sale... asking for hardwoods to be installed?

[j&j]

Long story short, we've had an offer on a short sale and the bank has actually responded... It's a small bank and they've moved this along pretty well.

one thing we're trying to do though, is ask for hardwoods to be installed on the 1st floor before move in.

is this crazy to ask? it's an absolute must though for us.


anyone had experience buying a short sale and having the bank actually do something like that?

 

[Gibsons]

If I'm a banker, I'm not interested in being an interior decorator. I might add money to the amount of the load, giving you some cash to pay for it yourself though.

 

[spidey07]

Good luck. Any seller would normally tell you to pound sand as it's cosmetic. Short sales are normally "as is" except for any code or safety violations.

 

[cheezy321]

I think you would have better luck getting a credit to install it yourself.

 

[SpatiallyAware]

Lol yeah no.

 

[FallenHero]

hahaha. Yeah good luck with that. I'm not sure you understand short sales...

 

[T9D]

Geez man don't piss around with this stuff. You're lucky they are making it so easy and fast as it is. Now you're kind of spitting in their face and risking it all going down the crapper or getting worse.

It's SO easy for something to go sideways on a shortsale. Don't make the odds worse if you really want it.

 

[Jimzz]

As said ask for lower price, not items. Short Sale means the bank is losing money so they don't have time for this.

 

[JeffreyLebowski]

Yes it is crazy to ask that.

 

[Newbian]

If I'm a banker, I'm not interested in being an interior decorator. I might add money to the amount of the load

What kind of banker did you say you are? D:

 

[j&j]

Bank may be losing money but we're not "stealing" this house. remember, it's not a foreclosure, it's being sold at roughly currently market value in DFW, it's not Nevada or some crap.

I thought asking for them would be stupid, but it's like 10 grand additional out of pocket for me otherwise, which blows.


I guess the question remains, I thought it was NOT legal to get a credit from the "seller/bank" to do something like this. I thought at most they are allowed to pay up to 3% closing, nothing more.

am i wrong?

 

[Aharami]

if I was the seller, I wouldnt do it

 

[j&j]

Geez man don't piss around with this stuff. You're lucky they are making it so easy and fast as it is. Now you're kind of spitting in their face and risking it all going down the crapper or getting worse.

It's SO easy for something to go sideways on a shortsale. Don't make the odds worse if you really want it.

While I love, love, love the house, I wouldn't go cry if we lost it. It's fucking expensive and at the tippy top of our budget, and with their counter it puts us 15K over my theoretical max, which is why I got bitchy and asked for floors, lol.

 

[j&j]

if I was the seller, I wouldnt do it

It's a bank, they have no tie to the house other than to get as much $$$$ as possible from the sale, they really aren't the seller, they are simply approving the house to be sold.

 

[SpatiallyAware]

While I love, love, love the house, I wouldn't go cry if we lost it. It's fucking expensive and at the tippy top of our budget, and with their counter it puts us 15K over my theoretical max, which is why I got bitchy and asked for floors, lol.

Then walk.

A bank isn't going to do something like that, they're just sitting on the house and already own it, so it's basically just costing them property taxes.

 

[Aharami]

why not ask the seller to cover some of the closing costs. that's more normal and acceptable than putting in new flooring

 

[T9D]

That's probably why they are so eager to get it done fast then.

If you don't feel totally good about it then don't get it. There is always another one out there.

 

[SheHateMe]

Why can't you do that yourself? They don't want the property..which is probably why its a short sale.

You're probably already getting it for a steal, you can install the hardwood yourself. Or, hire someone to do it for you.

 

[crunkzilla]

Bank may be losing money but we're not "stealing" this house. remember, it's not a foreclosure, it's being sold at roughly currently market value in DFW, it's not Nevada or some crap.

I thought asking for them would be stupid, but it's like 10 grand additional out of pocket for me otherwise, which blows.


I guess the question remains, I thought it was NOT legal to get a credit from the "seller/bank" to do something like this. I thought at most they are allowed to pay up to 3% closing, nothing more.

am i wrong?

Im not very familiar with the pricing for hardwood floors, but is it really that expensive for only 1 floor of the house? I had tile installed thruoughout my home (2000sqft total) for close to $3000.00. I used Mexicans and they did a good job.

 

[burntfish]

Im not very familiar with the pricing for hardwood floors, but is it really that expensive for only 1 floor of the house? I had tile installed thruoughout my home (2000sqft total) for close to $3000.00. I used Mexicans and they did a good job.

Depends on the type of wood. Regular Home Depot red oak can be had for cheap. If you go the exotic route like Brazilian cherry, hickory or walnut, it will cost you. I put in about 600 square feet of Brazilian Koa myself and dropped about $4000 on materials alone.

 

[skimple]

No. The bank wants the property sold. They have no interest in getting bids for flooring and waiting for contractors to finish the job, particularly since they have to put up more money.

If you don't want the house, walk on the deal. But there is no way the bank is going to have floors put in.

 

[mvbighead]

While I love, love, love the house, I wouldn't go cry if we lost it. It's fucking expensive and at the tippy top of our budget, and with their counter it puts us 15K over my theoretical max, which is why I got bitchy and asked for floors, lol.

As others have said, you're wasting your time.

Hell, when we sold our last home, someone asked us to replace the carpets. IMO, there is one of a few ways this can go:

1) I the homeowner agrees and goes out to find the least expensive option to suit what was asked for. You want hardwood, I'll find you the cheapest product from the cheapest store, with the cheapest installation cost to install it. It'll probably be shit and need to be repaired/replaced in 3-5 years time.

2) I offer to come down a little in price to offset the difference of you doing it yourself and getting what YOU want.

3) I tell you to pound sand.

In your case, you're working with a bank so you're already headed to option 3. And if the floors aren't complete shit, asking for any replacement is a waste of their time because you are looking for a want item and not a need item. If a door jam was rotted and you asked for that to be fixed, that'd make some sense. But your preferences to hardwood floors means jack shit to them.

 

[j&j]

Im not very familiar with the pricing for hardwood floors, but is it really that expensive for only 1 floor of the house? I had tile installed thruoughout my home (2000sqft total) for close to $3000.00. I used Mexicans and they did a good job.

um, are you certain? I have to question that completely, 2000sq ft of tile for 3000 bucks? even ell cheapo junk tile at .99/sq ft would be 2 grand just in tile (not any other necessary items that go along with tile install).



anyway, the bank does NOT own this house, the seller is doing a short sale, meaning the bank will not be getting a full pay off at closing, AKA losing some cash.

 

[zephyrprime]

There's no point in asking for things like that with a short sale.

 

[crunkzilla]

um, are you certain? I have to question that completely, 2000sq ft of tile for 3000 bucks? even ell cheapo junk tile at .99/sq ft would be 2 grand just in tile (not any other necessary items that go along with tile install).



anyway, the bank does NOT own this house, the seller is doing a short sale, meaning the bank will not be getting a full pay off at closing, AKA losing some cash.

The material came out around to $1500. The tile I used was 16x16 not the smaller 12x12.