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The sellers market is not driven by Covid, at least in the south. Places like Texas Georgia the Carolinas, etc....the prices have been going up for years. Every day a new New Yorker, Californian, Chicagoan, etc relocates lol....
And Florida. Builders can't build fast enough, and inventory of existing homes is extremely low. Most homes are going under contract within a few days of listing, many being bid up in the process.
First, as I understand it, at least in Florida, all property is sold "as is" regardless if it is spelled out in those words in a listing or in a PASA.
Not to derail but the bolded is incorrect. The regular (non-As-Is) FAR/BAR contract that is commonly used in Florida obligates the seller to make repairs for general repair items (as they are defined in the contract) and for WDO treatment and repairs. The contract has a line to enter the percentage limit for those repairs. If left blank, the seller must make repairs for general repair items (up to 1.5% of contract price) and WDO (up to 1.5% of the contract price). The parties can agree to a credit amount in lieu of repairs.
Because of current market conditions most contracts in use are the As-Is contract or the regular contract with an As-Is rider.
Florida does have an "As-Is" contract available, but I will agree that not all property is sold "As-Is" in this state. When I was an active Realtor, we rarely used them. 1insider is absolutely correct.
Is it true about the $80K? What in the world would make a place so desirable that someone would pay $80K upfront for the opportunity to live there? It's not like Raleigh is Waikiki, for Heaven's sake. At the end of the day, you still come home to yourself, in your own home. I can do that in Kansas.
And Florida. Builders can't build fast enough, and inventory of existing homes is extremely low. Most homes are going under contract within a few days of listing, many being bid up in the process.
RM
This is kind of why I don't know if there's ever going to be a huge dip. Land is a finite resource. Now you may say "blasphemous, we could add millions of homes across the state and still have plenty of land!! True, I read you can fit every person in the world in Rhode Island. But with environmental regulations and the desire to be near a city, that's limiting.
Not to derail but the bolded is incorrect. The regular (non-As-Is) FAR/BAR contract that is commonly used in Florida obligates the seller to make repairs for general repair items (as they are defined in the contract) and for WDO treatment and repairs. The contract has a line to enter the percentage limit for those repairs. If left blank, the seller must make repairs for general repair items (up to 1.5% of contract price) and WDO (up to 1.5% of the contract price). The parties can agree to a credit amount in lieu of repairs.
Because of current market conditions most contracts in use are the As-Is contract or the regular contract with an As-Is rider.
Hmm, so you’re telling me that the STANDARD form of contract, not the modified form of contract, outlines a process wherein the seller is obligated to make repairs or provide a credit for those items. Wow, that doesn’t sound like everything I’ve been preaching since the inception of this thread. I wonder how many other states have similar language in their STANDARD contracts...
Hmm, so you’re telling me that the STANDARD form of contract, not the modified form of contract, outlines a process wherein the seller is obligated to make repairs or provide a credit for those items. Wow, that doesn’t sound like everything I’ve been preaching since the inception of this thread. I wonder how many other states have similar language in their STANDARD contracts...
Wouldn't it just result in the seller marking up their ask price by 1.5%? If they want $100k then they just make the minimum accepted be $101.5k so with the 1.5% mandatory repairs they get 100k. Plus "repair" doesn't mean "replace". Your furnace and AC were functional.
Hmm, so you’re telling me that the STANDARD form of contract, not the modified form of contract, outlines a process wherein the seller is obligated to make repairs or provide a credit for those items. Wow, that doesn’t sound like everything I’ve been preaching since the inception of this thread. I wonder how many other states have similar language in their STANDARD contracts...
I believe 1insider mentions there are more than one STANDARD form of contract.
Sure, you can require repairs with any offer. Getting to contract with that requirement in place would be the trick.
Wouldn't it just result in the seller marking up their ask price by 1.5%? If they want $100k then they just make the minimum accepted be $101.5k so with the 1.5% mandatory repairs they get 100k. Plus "repair" doesn't mean "replace". Your furnace and AC were functional.
It also could result in a seller doing a home inspection and repairs prior to going on the market. Being proactive to avoid surprises.
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I wonder how many other states have similar language in their STANDARD contracts...