I'm looking at purchasing a property that might require somewhat extensive repairs to one of the buildings on the lot (charred timbers in the ceiling of the detached garage/barn from an old fire). I've read as much as I can about short-sales online so I'm aware that:
- Short-sales are almost always "as-is"
- Lenders will not accept price reductions based on repairs needed
Given these two likelihoods, what are my options as a potential buyer when looking at a property that may need $10-20k worth of repairs to pass an occupancy inspection?
I plan on submitting an offer with a large reduction in price regardless since it really can't hurt to try but am curious if there are other tactics available. I don't necessarily have the cash to both buy the property at full list price and perform the needed repairs to obtain a Certificate of Occupancy.