"AS-IS" Help....not sure I'm doing what's right (short sales, lender)

[userABC123XYZ]

Originally Posted by gulfer

But it's easier to blame a Real Estate Agent for items not understood.

A Buyer in a Legal Contract and that has to be remembered. A bad feeling about someone isn't enough and the Seller can hold that person to the contract. Short of failing to get a mortgage or having an appraisal come back higher than the price, the buyer may be legally liable.

The majority of AS IS homes For Sale are that way for convenience of the Seller. I have found most people to be completely honest. But if a home needs a little TLC to make it look new, that may cost upwards of 10,000. Someone may not have that amount of money, so they elect to sell it as is with the right to inspect.

The Right to Inspect doesn't just mean signing and contract, then backing out if you don't like something. The buyer has a lot of leeway to cancel up until the end of the inspection period, but their are limitation on what will allow them to walk away without at least losing Escrow Deposit.

WRONG.

Gulfer sounds like the typical pushy realtor that refuses to speak the truth about difficult questions buyers tend to ask. I know my contract backwards and forwards. gulfer, if you don't like the idea of a buyer understanding what their rights are under the as-is contract, then that is too bad.

Buyers, make sure you scan that contract up and down and ask an EXCLUSIVE buyers agent if you don't trust your realtor. If a realtor tells you they are a buyer's agent, ask for proof of their EBA affiliation and see what they have to say next.

[tom11011]

Originally Posted by userABC123XYZ

WRONG.

Gulfer sounds like the typical pushy realtor that refuses to speak the truth about difficult questions buyers tend to ask. I know my contract backwards and forwards. gulfer, if you don't like the idea of a buyer understanding what their rights are under the as-is contract, then that is too bad.

Buyers, make sure you scan that contract up and down and ask an EXCLUSIVE buyers agent if you don't trust your realtor. If a realtor tells you they are a buyer's agent, ask for proof of their EBA affiliation and see what they have to say next.

EBA affiliation? Lol, they're realtors. I don't know much about real estate, but realtors have been representing buyers and sellers for a long time now without special made up designations like EBA.

Realtor is to EBA specialist like Veterinarian is to Cat Behavior Specialist

[bentlebee]

Under an "as is" contract no reason has to be given to walk away and getting your escrow back as long as the home inspection contingency is in place...for all other contingencies there are criteria that have to be met to walk without losing your escrow money.

[tom11011]

Originally Posted by bentlebee

Under an "as is" contract no reason has to be given to walk away and getting your escrow back as long as the home inspection contingency is in place...for all other contingencies there are criteria that have to be met to walk without losing your escrow money.

You can put any contingency in a contract you want. "Subject to my father approving" is realistic.

[gulfer]

Originally Posted by userABC123XYZ

WRONG.

Gulfer sounds like the typical pushy realtor that refuses to speak the truth about difficult questions buyers tend to ask. I know my contract backwards and forwards. gulfer, if you don't like the idea of a buyer understanding what their rights are under the as-is contract, then that is too bad.

Buyers, make sure you scan that contract up and down and ask an EXCLUSIVE buyers agent if you don't trust your realtor. If a realtor tells you they are a buyer's agent, ask for proof of their EBA affiliation and see what they have to say next.

My post is correct. It is for information for everyone. I highly recommend that you be very careful on these types of transactions and that is all I am saying. I don't have a law degree and would never state this or that as a fact. I said you have a lot of leeway, but you don't have every reason in the book.

Also, I read your post a bit to BentleBee and you slammed her for not knowing you, etc... Why not apply that to me? I am about as easy going as you're going to get for what I do. I haven't seen many posts from you here, but I am Retired Military and do what I do part time to keep occupied. I am lucky that I don't have to sell a house to eat, so I just like trying to keep people informed. If you don't like what I say, please feel free to ignore my posts.

But a thread is made for HELP WITH AN AS IS CONTRACT. I gave my two cents.

[userABC123XYZ]

Originally Posted by tom11011

EBA affiliation? Lol, they're realtors. I don't know much about real estate, but realtors have been representing buyers and sellers for a long time now without special made up designations like EBA.

Realtor is to EBA specialist like Veterinarian is to Cat Behavior Specialist

You sure are correct that you "don't know much about real estate". From your accusation that EBA is a "made up designation" it seems you don't know much about google either.

[gulfer]

Originally Posted by userABC123XYZ

You sure are correct that you "don't know much about real estate". From your accusation that EBA is a "made up designation" it seems you don't know much about google either.

You are putting a whole lot of stock in something that is simply a certification for a Realtor. Why you would want to only represent a buyer and never a seller is beyond me. You are an independent contract that just threw away 50% of your business. But to each their own.

Do you know how long a course is for this? FYI, some of these certifications only require a few hours of training.

It is like saying, Licensed and Bonded for a Construction Handy Man. Means they passed a test and have insurance. Do you know if they are any good? NOPE!

[TampaKaren]

As Is contracts are in use more today due mainly in part from distressed sellers who have little means to correct latent defects. As Is contracts also give buyers an option of withdrawing from the contract if repairs exceed their comfort level.

Before 2007, home inspectors were not licensed in Florida. Anyone with an occupational license, paper and pencil, could be an inspector. Fast forward and now all inspectors are required to be licensed. This is a start. In my opinion, inspectors with a contractor's license are the best. There are trade associations that require regular education and good inspectors will also be members. I do recommend 3-5 inspection companies but that's a courtesy to the buyers/sellers. I also have a black list of inspectors that missed obvious defects during prior inspections. In all cases, buyers should pick their home inspector.

Inspections have become more involved now that insurers require a 4-point inspection for properties built prior to 1980. If the house doesn't pass, a lender won't loan the money. The general home inspection is good because even sellers don't know everything wrong with a house even if they live there. An honest seller will either repair the defects required for the insurance/loan, issue a credit at closing, or reduce the sales price. Savvy sellers get a home inspection prior to selling.

To answer your question, I think you're doing everything right. Just keep in mind that the people you work with during this time are temporary inconveniences in the process to homeownership. Those you don't trust, don't trust you as well. The best thing you can do is find out everything possible about the house. There's no return policy once you sign the closing docs.

[tom11011]

Originally Posted by gulfer

You are putting a whole lot of stock in something that is simply a certification for a Realtor. Why you would want to only represent a buyer and never a seller is beyond me. You are an independent contract that just threw away 50% of your business. But to each their own.

Do you know how long a course is for this? FYI, some of these certifications only require a few hours of training.

It is like saying, Licensed and Bonded for a Construction Handy Man. Means they passed a test and have insurance. Do you know if they are any good? NOPE!

Agree, if a realtor told me that they were an "EBA", I wouldn't use them. That tells me they are a rookie without any leads and are looking to drum up business in some strange scammy way. What if I am looking to buy a house but also need to sell my house, what then? Am I screwed? Can this EBA handle it? Do I now need 2 realtors? If I do need 2, then does the other one need to be an ESA for sellers?

No- pure nonsense. I need a good, experience realtor period. Don't fool yourself.

[bentlebee]

Originally Posted by tom11011

Agree, if a realtor told me that they were an "EBA", I wouldn't use them. That tells me they are a rookie without any leads and are looking to drum up business in some strange scammy way. What if I am looking to buy a house but also need to sell my house, what then? Am I screwed? Can this EBA handle it? Do I now need 2 realtors? If I do need 2, then does the other one need to be an ESA for sellers?

No- pure nonsense. I need a good, experience realtor period. Don't fool yourself.

You are free to avoid using what you call EBA....but why would any agent go and show many homes and in some cases days in a row or sometimes work for months to accommodate a client to get the best home that fit their needs without getting some reassurance that when they sign with a seller they get paid for their work...to you that sounds like a scam...to me it sounds good business work since we all want to get paid a fair amount for what we do.

It is not fair to have an agent do all the work, driving and leg work (time) and then make an offer and cutting the agent out...you probably work like that and that is fine since we leave clients alone that are not willing to commit after we have showed initial work we can do for them and are not willing to sign.

After all buyers don't pay us but the sellers do for bringing them the client and do all the work on the buyers side.

I really think you can do it on your own and it would be the best for you to do it on your own since I don't think you like to hear expert advise and some people may not need it while others loose out of expert advise and whine afterwards on blogs, etc. and it is always someone else's fault.

Many agents never had anything signed since buyers and agents had a good relationship but any buyer who comes across in a "certain" way and then doesn't want to sign is often better to avoid...