U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-20-2014, 06:49 PM
Status: "So many micro breweries" (set 8 days ago)
 
Location: Berkeley Neighborhood, Denver, CO USA
17,080 posts, read 26,830,996 times
Reputation: 31201

Advertisements

Quote:
Originally Posted by starla View Post
also think you need to leave a fair number of items for the inspector to find because no inspector is going to hand back a report saying everything is hunky dory
Great advice.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-20-2014, 07:35 PM
 
Location: Consciousness
659 posts, read 1,106,885 times
Reputation: 846
Hate to hear things are dragging along. I bet they were window shopping for a back up house just in case the repairs are a no go.
Not sure why folks things used/ previously enjoyed/ recycled houses need to be perfect. Offer based upon as is and keep it moving. If you need an inspection to get to an "as is" price that's fine just pay for it and move along swiftly.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-21-2014, 07:43 AM
 
Location: South Texas
480 posts, read 1,122,814 times
Reputation: 612
Quote:
Originally Posted by Mack Knife View Post
Aside from that, you should know the condition of the home you are selling right? If the inspection report documents something critical, surely you'd know this already.
This is frequently not correct.

I've been in several attics and identified areas of roof leakage that the owner's never noticed because it had not yet leaked through and damage their drywall ceilings. These leaks are pretty easy to spot if you know what to look for. Really, when was the last time a person really INSPECTED their attic?

Another is homes with pier and beam foundations. Is there evidence of pipes leaking, pooled or standing water, mold, insect infestation? Really, when was the last time a person really INSPECTED their foundation?

Again with foundations, would the average homeowner know the difference between a structure defect and a facia-only defect in the concrete slab-based foundation of their home?

This is why we hire home inspectors. We expect them to know what to look for and to know what right looks like.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-21-2014, 07:49 AM
 
Location: South Texas
480 posts, read 1,122,814 times
Reputation: 612
Quote:
Originally Posted by LCTMadison View Post
That's not always true.

Per our contract, anything that falls under heating, cooling, electrical, plumbing HAS to be in normal operating condition when title is passed....when they sign our sales contract the seller agrees to that, so if they refuse to correct those items they are in default.

Contracts vary state to state, area to area. In our state pretty much every association has its own contract documents and they can vary greatly.

It ultimately depends on what the contract between the parties stipulates in regards to repairs to the property.
Is that part of the AL standard sales contract or is that specific to a type of loan, like FHA or VA?

And, not to be a pain, but if that's part of the state's standard contract, what are they using for the definition of "normal operating condition"? Is current building code the standard used for this definition?

You can't sell a house "as is"?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-21-2014, 08:35 AM
 
9,482 posts, read 8,751,946 times
Reputation: 8154
Default Real Estate "Couples"

Quote:
Originally Posted by Wmsn4Life View Post
I have seen a few real estate couples teams where the wife does the more social side of the deal, initially meeting with buyers, coordinating schedules and showing houses, and then the husband takes over the negotiation and closing side.

Ideally they both should be good communicators, though.
This is why I don't like husband-wife realtor teams. We had a very good realtor in FL. During the whole selling process, she said nothing to us about her husband being involved, until the very end when he (whom we had never met) represented us at the closing while she was otherwise occupied. It was uncomfortable and I also thought he wasn't nearly as knowledgeable or experienced as she was.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-21-2014, 10:54 AM
 
Location: Madison, AL
3,298 posts, read 5,863,810 times
Reputation: 2668
Quote:
Originally Posted by TexasDillo View Post
Is that part of the AL standard sales contract or is that specific to a type of loan, like FHA or VA?

And, not to be a pain, but if that's part of the state's standard contract, what are they using for the definition of "normal operating condition"? Is current building code the standard used for this definition?

You can't sell a house "as is"?
No, we don't use an AL standard contract. Our board membership has a Forms committee and we write our own contract docs with the assistance of our legal counsel. I've been on Forms for years now, its one of my favorite committees! Most of the local boards in Alabama have their own contract documents, as standards of practice can vary throughout the state.

Normal operating condition is exactly that....that it is operating as it should be. For example, an HVAC that was not cooling as it should be (using industry standards) would not be at "normal condition" and would require repair to bring it to "normal operating condition". A leaking pipe is not "normal"...thus repair. Paragraph 4 items are also not limited to discovery only during the inspection period....if the HVAC dies the day before closing, seller HAS to repair or replace per the contract before title is conveyed.

Its pretty cut and dry and we rarely have issues arise over those items (we refer to them as Paragraph 4, as that is the paragraph they are in our contract docs). Its major defects that is the most vague and expansive....those are not required repairs per our contract, but negotiable items and the buyer can terminate the sale if the seller is not willing to correct. We define that as "something that significantly shortens the life, or denies the intended use of a substantial portion of the property". Roofs, structural, ect would fall under "major defects". The buyers are also entitled to ask for "health and safety", such as radon levels being too high, mold, stairs/handrails not to code...anything that affect health or safety. A buyer can also terminate the contract if the seller does not agree to correct those items.

We have limited it to those three "categories" to prevent buyers from terminating contracts over silly things, like a doorknob that needs to be replaced or something like that.

Pretty much, in my experience, the things that concern the buyers most and that they want corrected are going to fall into one of those three categories....the rest is going to be minor repairs/cosmetics.

We can....and do....sell homes "as is"...it just needs to be noted in the listing and on the contract docs that "property is strictly sold as-is to include Paragraph 4 items".
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-26-2014, 09:28 AM
 
Location: NM-CR
325 posts, read 525,568 times
Reputation: 220
Quote:
Originally Posted by starla View Post
Hello all,

My house went under contract early last week, and the buyer was quick in getting the inspection done. However, it has been a week since the inspection and we still haven't heard anything from the buyer. Every time my agent asks about it, their agent says they'll have something for us "tonight or tomorrow". We've gotten that response three times now since Monday. When I bought, I had my repair request in a day after the inspection. At the rate we're going, I'm not going to have time to get any repairs done, at least not by anyone reputable. Is it normal for the buyer to be looking over the inspection for this long?
I've had that happen - when the buyer decided to go on vacation and forgot about it, until contacted by their agent. Is there a deposit? Is there a signed contract? Then you can enforce the terms if they are walking away for no valid reason, including buyers remorse.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-03-2014, 01:54 PM
 
Location: Consciousness
659 posts, read 1,106,885 times
Reputation: 846
update?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-03-2014, 03:59 PM
 
549 posts, read 1,395,484 times
Reputation: 643
Things have gotten messy. That's all I'll say for now.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-04-2014, 12:37 PM
 
549 posts, read 1,395,484 times
Reputation: 643
Basically....

The buyer keeps wanting to extend due diligence. I'm at the point where I just want to get the house back on the market if they're not going to buy. They also keep asking us to do more and more repairs/improvements. Which is another reason why I don't want to extend due diligence, because they'll just keep asking for more. So I extended DD a day because they said they didn't get the appraisal, but that expires tonight and I'm inclined to let them walk at the moment.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top