Deleted
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Post by Deleted on Jan 30, 2011 22:06:23 GMT -5
I've been looking at real estate listings... I'm seeing some that say "sold as is".
Does that mean no warrenty or forclosure?
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The J
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Post by The J on Jan 30, 2011 22:10:24 GMT -5
Means that there won't be any changes made.
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Deleted
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Post by Deleted on Jan 30, 2011 22:11:16 GMT -5
Means that there won't be any changes made. To the property? |
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The J
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Post by The J on Jan 30, 2011 22:13:40 GMT -5
Correct.
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Deleted
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Post by Deleted on Jan 30, 2011 22:18:45 GMT -5
So baiscally, no replacemtn of carpet, painting, appliances, etc? |
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The J
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Post by The J on Jan 30, 2011 22:22:28 GMT -5
Yes. It means that there will be no corrections to any issues with the property.
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Deleted
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Post by Deleted on Jan 30, 2011 22:24:52 GMT -5
Yes. It means that there will be no corrections to any issues with the property. Makes me kinda wonder the condition!  |
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Mad Dawg Wiccan
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Post by Mad Dawg Wiccan on Jan 30, 2011 22:26:56 GMT -5
It means major repairs need to be done, and you cannot sue the seller for "undisclosed" repair costs.
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Deleted
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Post by Deleted on Jan 30, 2011 22:28:55 GMT -5
It means major repairs need to be done, and you cannot sue the seller for "undisclosed" repair costs. Like I said makes me wonder!  Could be worse then a forclosure! |
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swamp
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Post by swamp on Jan 30, 2011 22:29:47 GMT -5
It means it's a POS
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Post by ummboutthat on Jan 30, 2011 22:33:47 GMT -5
well...doesn't have to be a piece of shit property sure in most cases it does..BUT maybe its just the seller doesn't want anything else to do with the property once sold doesn't want to be responsible if the ghosts start acting up  |
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Deleted
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Post by Deleted on Jan 30, 2011 22:38:40 GMT -5
well...doesn't have to be a piece of shit property sure in most cases it does..BUT maybe its just the seller doesn't want anything else to do with the property once sold doesn't want to be responsible if the ghosts start acting up :-*Thanks!  |
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Post by ummboutthat on Jan 30, 2011 22:43:42 GMT -5
 OH Cropchick - I finally got you to 69! 
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Mad Dawg Wiccan
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Post by Mad Dawg Wiccan on Jan 30, 2011 22:47:54 GMT -5
A simple Title Search will disclose whether or not any other person/organization has placed any claim/claim on the property.
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TD2K
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Post by TD2K on Jan 30, 2011 23:52:45 GMT -5
I finally got you to 69!
Lucky Crop!! Was it good for you Crop?
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Mad Dawg Wiccan
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Post by Mad Dawg Wiccan on Jan 31, 2011 1:26:18 GMT -5
In a nutshell, being bought under the aegis of "Sols As IS' means that the buyer acknowledges that they realize this purchase is a "used" item, and the seller has no legal/financial responsibility whatsoever after the sale.
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DebMD (banned)
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Post by DebMD (banned) on Jan 31, 2011 4:21:10 GMT -5
Get it inspected if you really like the property.
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Deleted
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Post by Deleted on Jan 31, 2011 8:02:56 GMT -5
Up in The Tundra if it's shown online "as is" means it's a foreclosure, and it's being sold by a bank. That doesn't mean the bank won't negotiate; it just means that they'll resist negotiating.
In any case, it doesn't cost a thing to ask a realtor.
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Deleted
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Post by Deleted on Jan 31, 2011 8:09:46 GMT -5
Miss R, that is what it usually means around here too. It doesn't necessarily mean anything major is wrong with the house, but that it is a foreclosure and the bank doesn't want to fix small things.
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Deleted
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Post by Deleted on Jan 31, 2011 8:15:18 GMT -5
Yup. Maybe it's a Michigan thing. I know of foreclosures up there that were "as is" sales where the bank has either replaced or given a big credit for replacing a furnace or roof.
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Post by kadee on Jan 31, 2011 8:24:32 GMT -5
And down here "as is" can mean anything from it has already started falling over (literally) to a bank foreclosure that only has minor repairs needed.
Need to look at each one you might be interested in..
In most cases there is "some" wiggle room!
Had a Realtor friend (?) trying to get us to look at a house that the asking price was $3500 TOTAL. I told DH it sounded like more work than I wanted to do before we even looked at it. Thankfully, it sold before we had a chance to look!
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Post by ummboutthat on Jan 31, 2011 8:29:21 GMT -5
so check this place out in person already..
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Waffle
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Post by Waffle on Jan 31, 2011 8:43:48 GMT -5
People who inherit property also sometimes sell it "as is" because they just don't know the house that well and don't want to be responsible for any issues. Like everybody says you need to have it checked out and make sure the problems aren't any ones that you aren't willing to deal with.
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Deleted
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Post by Deleted on Jan 31, 2011 9:09:57 GMT -5
"People who inherit property also sometimes sell it "as is" because they just don't know the house that well and don't want to be responsible for any issues."
One of the few exceptions to the disclosure transfer statement (5 pages of everything that could be asked of a property owner!) is for sellers of inherited property who have never lived in the property. Also entities (banks, individuals or even governmental entities) who have foreclosed upon a property.
But selling "as is" is different than not being responsible for issues associated with the house. Anyone can sell a property "as is" meaning they won't do anything more to fix up the property. But selling "as is" doesn't absolve most owners from the mandatory seller's disclosure statements required by most States.
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doxieluvr
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Post by doxieluvr on Jan 31, 2011 9:47:34 GMT -5
One of the problems with an "as is" property is that some lenders will not lend money if the condition of the property isn't up to par (or whatever the lender considers "par" to be). Of course, if you're paying cash for the property you don't have to worry about that.... This is very true, I have bought foreclosures and have had to sneak in to make repairs to get the house financed. |
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olderburgher
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Post by olderburgher on Jan 31, 2011 10:10:53 GMT -5
All of this advice, some of which is bad, shows that "sold as is" means different things to different people in different parts of the country. Best ask and look and decide yourself rather than relying on the experts here.
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sesfw
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Post by sesfw on Jan 31, 2011 10:32:44 GMT -5
When my sis-in-law passed we went into her home and cleaned it out, then put it on the market 'as is'. We knew nothing about the home and wanted enough to pay off the mortgage, closing costs and such. Basically break even. A person made a lower cash offer and paid for an inspection. There were two major things we repaired, (termites and plumbing), and when all was said and done it was a break even.
That is all we wanted. If you see an 'as is', make a low offer and pay for a GOOD inspection. You might get lucky.
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zibazinski
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Post by zibazinski on Jan 31, 2011 11:39:08 GMT -5
DON'T use an inspector your realtor recommends.
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rovo
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Post by rovo on Jan 31, 2011 11:46:50 GMT -5
I tried to buy one of the foreclosed "as is" places about a year ago. It was particularly appealing to me because it abutted another property I own. The home was in bad shape and had been robbed of all exposed wiring and plumbing. Anything made of metal was gone, including the furnace.
I priced the place based upon the value of the land and then took $10K off of this price for demolition. I thought the house was salvageable but was trying to not factor that into my buy price. As it turned out, I did not get the property because of some glitch or cronyism. It sold for $1.5K less than my offer so I was definitely in the ballpark with my price estimate.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Jan 31, 2011 13:54:30 GMT -5
My husband's house was sold as is. The only real problem was the shower was rotted out. Otherwise it was little things the realtor told my ILs they "had" to fix otherwise she wouldn't sell it for them. My ILs told her to take a hike.
The house sat for about five months on the market before it sold. My FIL priced it about $15k under the market price as a deal for it coming "as is".
Guy is still living there and the house looks quite nice from the outside.
Besides the shower it was a really decent house, the things that "had" to be fixed according to the relator were largely cosmetic and making things more "trendy".
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