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Old 08-22-2010, 09:36 AM
 
Location: Paranoid State
12,672 posts, read 9,425,981 times
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For those of you who are more experienced at such things...

I plan to make an offer on a short sale home (not REO).

1) Is it usual and customary to make offers on short sales "AS IS" offers?

2) Is it usual and customary for an all-cash buyer who makes an as-is offer to waive *all* rights under NRS Chapter 113?

3) When making an offer on a short sale, is it usual and customary for the buyer to pay all real estate transfer taxes?


Supposedly the bank has already agreed to a short sale (it was in contract as a short sale previously, we are told, but the potential buyer didn't qualify for a loan)

Thanks in advance for any insights...

Last edited by SportyandMisty; 08-22-2010 at 09:50 AM..
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Old 08-22-2010, 09:43 AM
 
1,681 posts, read 3,044,080 times
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We are in contract on a short sale in Hendo right now waiting for lender approval.

1) We did not make ours "as is". We required the seller to produce the real property disclosure.

2) I don't know, but I would assume if you're buying "as is" then you would waive all your rights.

3) We did not, we asked for customary clark county closing costs which has the seller paying all transfer taxes.
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Old 08-22-2010, 10:15 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,484,948 times
Reputation: 2661
Quote:
Originally Posted by SportyandMisty View Post
For those of you who are more experienced at such things...

I plan to make an offer on a short sale home (not REO).

1) Is it usual and customary to make offers on short sales "AS IS" offers?

2) Is it usual and customary for an all-cash buyer who makes an as-is offer to waive *all* rights under NRS Chapter 113?

3) When making an offer on a short sale, is it usual and customary for the buyer to pay all real estate transfer taxes?


Supposedly the bank has already agreed to a short sale (it was in contract as a short sale previously, we are told, but the potential buyer didn't qualify for a loan)

Thanks in advance for any insights...
1. SRPD and other disclosures are normally provided on a short.

2, No

3. No

Some short sale specialist try and pull this off...but it is pretty much a put on.

Ask to see the lender approval letter - but counter even if the letter states the above conditions. If they won't play convert it to dollars and lower your bid.
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