"As-is". Two little words that can have a significant impact on a real estate listing. It means take it as it is or leave it, your choice. Is buying a house worth the risk? Perceived vs. Real Risk When a buyer sees a listing with the words "as-is" in it, alarm bells tend to go off. Questions come flooding into the brain. What is wrong with the property? What is the seller potentially hiding? How much money will need to go into the property to even make it habitable? Many buyers perceive an "as-is" listing as a high risk venture they don't want to get anywhere near. The reality is a bit different. An "as-is" listing is simply an effective way of telling a potential buyer that the seller cannot or will not negotiate fixes or credits on the …show more content…
If the seller knows there is a significant crack in the foundation that might not be detected during a normal inspection, he or she is obligated to disclose that to potential buyers. If the local laws require working smoke detectors, the seller must cover any costs associated with repairing or installing the detectors. Sellers often list a property "as-is" when they have no extra cash to sink into making needed repairs. This can happen in many different circumstances like an estate sale or short sale to avoid foreclosure. How Can a Buyer Mitigate the Risk of an "As-Is" Property? Practicing due diligence by getting thorough inspections can mitigate the risk of buying a house listed "as-is". Most residential real estate offers come with the contingency of getting satisfactory inspections. This remains true even with "as-is" real estate deals. A buyer should have inspections done by certified experts to get a thorough picture of what defects might be present in the house. Inspections should cover the structure of the home as well as its systems including plumbing, electrical, heating, cooling, and
Always ensure that the seller is the actual owner of the property. You may wish to request for proof when you are making the purchase.
Looking for the right new home to buy can be both fun and stressful. It's disheartening to find a home in a good location that you love only to find out something is wrong with it. However, it's best to find out about problems before you buy. Homeowners aren't always forthcoming with problems you should know about, however, they may be required to disclose certain things. Here are some red flags to look for when shopping for real estate that may help you avoid a home with hidden problems.
“Real estate is a year-round opportunity to help countless people realize the American dream” (“Why Real Estate”, 2012). Eighty-five percent of buyers believe that home purchases are good financial investments, and a majority of homebuyers and sellers rely on the services and expertise of real estate professionals to assist them with their transactions (Profile of Home Buyers and Sellers, 2010). “The primary job description for an agent is communicating with potential clients to determine what kind of property they are looking for” (Richard, 2012). This means, setting up interviews with clients to see if the agents firm possesses property that meets the client’s specific needs. Once it is apparent exactly what the client is looking for, the agent sets appointments to show houses to clients and many times the agent physically accompanies couples while showing off properties.
I have compiled this checklist to provide homeowners, like you, with the basic services you should expect from a professional agent to avoid hiring a Lazy Lister. When you know what you should be given in the form of quality of work and effort by a listing agent, you can confidently interview several agents until you find one that you know will not be a Lazy Lister.
“The reasonably probable legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value”.
* Have it inspected before you buy: If you are in the market for a new home, it is important to have any potential home inspected by a professional. And, the basement is one of the areas that need to be inspected thoroughly because, if there are issues, they could end up costing you a significant amount of money down the road. Part of keeping your basement in great condition is buying a home that already has a basement in great condition. Always get it check out before you buy a house.
* Where there is a sale of goods by description there is an implied condition that the goods will correspond with that description.
I explained that our guidelines showed that we could present a market estimate for the property if there would not be enough equity using the assessed value. Nikki said, I hate Zillow, all of my customers what me to list the property for the Zillow value and it is wrong.
Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They
Although this statement goes without saying, it 's worth mentioning simply because many of those looking to purchase commercial real estate believe it is standard protocol to rely upon the realtor 's recommendation for hiring an inspector. In reality, this practice poses a conflict of interest that can have dire consequences for the party purchasing the property. Unfortunately, real estate agents who knowingly partake in this practice along with inspectors who continue to burn the candle from both ends know exactly what they 're doing and how to get away with it. While there may be a few exceptions to what I am telling you, I can assure you that the majority of inspectors who rely heavily upon referrals from real estate agents for their business are not going to rock the boat by disclosing
This paper will seek to provide an overview of the real estate process and its affects on the real estate agent. An agent needs to be knowledgable about the steps required to make a sale, and the risks involved when the sale does not go as planned. Real estate sales require much of the agent, including sacrifices in their personal lives and in their financial stability. Agents must be teachable and willing to seek to see others succeed. A successful real estate sale consists of many steps, sacrifices to personal time, and an agent’s ability to work well with others while remaining incredibly flexible.
Sellers may also have the ability to back out buying a new home if certain conditions are not met for selling their existing home. For example; the seller is selling the existing home to be able to purchase a new home. The
The authors used all constructs of the theory through pre- and post-survey questionnaires for subjects studied that went through the training course. Through the pre-survey they were able to determine what realtors prior perceptions on lead and whether or not they understood its implications and any of the background information relating to lead prior to taking the course. After completion of the course, in six months, they were followed up with surveys and phone calls to determine how effective the course was. The realtors enrolled in the study were volunteers and were provided with a $200 financial incentive. The behavior researchers sought was to see if the realtors put into action what they learned and whether or not they were able to inform potential clients about the homes they were selling. An increase in realtor awareness is seen through the feedback they provided therefore it reveals to have sustained a continuous behavioral change in the thought process of selling a home to potential buyers. The authors did not clearly define the theories they used. Instead they stated using quantitative and qualitative measures and also described their methodology in detail.
The home was in a lovely older neighborhood and had been on the market for a long time. So the price from the initial listing to the one that caught my attention was extremely low. I made an offer on the home just by the price alone. The homes in that area were selling for a lot more in that area. The curbside appeal for the home was beautiful. I did not do any research on the property and just took the word of the agent that all documents and taxes were current. That there were no issues. After talking to a few neighbors in that area I found out in time that there were many issues surrounding the property and that is way it was priced so low. The improvements had been done without permits and that placed the property in situations too hard to sell or get financing for. For me the due diligence would have been to research my title documents, court papers, and etc even before wasting anytime on that piece of property. Lucky for me the offer I placed on the table was able to be voided since the agent did not properly inform me of the situation on that piece of property. Overall, this would have been an excellent rental property because of the location close to schools, shopping and walking distance to the
When you find the potential auction listing, you need to contact the listing agent and offer to work with them as a broker’s agent. There is this ill-conceived notion by some real estate agents that working with real estate auctioneer as