"As Is" NOT as it was....

[Taraboh]

What is the name of your state (only U.S. law)? Ohio
Hi I am a first time homebuyer, currently trying to purchse a short sale, "As Is". Now back in November "As Is" was acceptable, knew there were things to be fixed, no problem. Since then, there are tenants there who don't seem to want to move, they currently have 2 dogs who has urinated and deficated on the rugs (no dogs when offer was made, found out about dogs in January, during a winter checkup on the house). Before rugs were in good condition, they just needed a good deep cleaning, now I feel they need to be replaced totally. Also a fire has occured and totaled the master bedroom. The bank appraiser says the room has to be rebuilt before conventional loan can be approved. My realtor says I would have to pay to get these items fixed. My question is: eventhough I signed an "As Is addendum". The property isn't as it was when I put in the offer. I still like the house, but should I have to pay to have these items rebuilt/replaced. Or can a renegotiation on purchase price take place with the bank. Or should I walk away and let them repost house at a lower price?What is the name of your state (only U.S. law)? Ohio

 

[SHORTY LONG]

First try to renegotiate; and if that fails, then, before you walk away MAKE
sure that there is nothing in the Contract that will backlash upon you.

I have read that their are many Fires in the South and West side areas; be
very careful of those area until the arsonist is caught!

 

[Taraboh]

Thanks for the advice. I haven't had my inspection yet but there's a clause in it that states if there is anything found unsatisfactory during inspection I can walk away within the 10 day inspection period.

The fire was not arson, per my realtor. she thinks it was electrical. But with the tenants not moving out as asked by owner, it looks as though I would have more work to do on the house the longer they stay.

Should I get an estimate on how much it would cost to rebuild room and replace carpet before trying to renegotiate price? Then ask to subtract off the asking price or ask the bank to fix?

 

[SHORTY LONG]

Personally I would make these things known to your Realtor, and the Bank,
and see what they have to say before you get an estimate [unless] the
estimate is [totally] free of charges.

It is good that a Clause implicitly spells out that, "if there is anything found
unsatisfactory during inspection I can walk away within the 10 day inspection
period."

To some degree, I am a bit surprised that you have not had your inspection
yet, which in your case is a good thing because of what has transpired since
November.

 

[Taraboh]

Thanks again for your advice.

I have an appointment to see the damages myself on Tuesday of next week. My realtor called me yesterday to report what she saw with the inspector. I asked my realtor shouldn't they come down on the price, she told me no, because of the "As Is addendum". She said unfortunately these things happen, I would have to get these things fixed on my own. I just couldn't accept that answer that's why I'm on this site today. Should I call the bank myself or ask my realtor to do as I ask her to do?

 

[HomeGuru]

What is the name of your state (only U.S. law)? Ohio
Hi I am a first time homebuyer, currently trying to purchse a short sale, "As Is". Now back in November "As Is" was acceptable, knew there were things to be fixed, no problem. Since then, there are tenants there who don't seem to want to move, they currently have 2 dogs who has urinated and deficated on the rugs (no dogs when offer was made, found out about dogs in January, during a winter checkup on the house). Before rugs were in good condition, they just needed a good deep cleaning, now I feel they need to be replaced totally. Also a fire has occured and totaled the master bedroom. The bank appraiser says the room has to be rebuilt before conventional loan can be approved. My realtor says I would have to pay to get these items fixed. My question is: eventhough I signed an "As Is addendum". The property isn't as it was when I put in the offer. I still like the house, but should I have to pay to have these items rebuilt/replaced. Or can a renegotiation on purchase price take place with the bank. Or should I walk away and let them repost house at a lower price?What is the name of your state (only U.S. law)? Ohio

**A: walk away. You are correct about the as-is in that the as-is condition accepted was based on 2 things;
1. the as-is condition of the property at the time you made the offer
2. the items/components being sold as-is as noted on the seller disclosure statement.

There is a problem here in that the Seller will not know the true condition of the property due to it being tenant occupied. And the bank, if the owner is basically exempt from disclosure in a foreclosure/short sale transaction.

The other problem is that your Realtor is not really on your side.

 

[SHORTY LONG]

Since your Realtor and Inspector both are well aware of these things, and
your Realtor is saying "that these thing happen, then yes, contact your
Banker and apprise them, and too let him or her know your intent on the
matter.

Best to you, and remember, their are many other properties to be had, and
this just may well be a blessing in disguise so-to-speak!

 

[Taraboh]

Thanks home guru.

The realtor says she is on my side. She says she's more than happy to show me other houses. Or we can stick this one out. I just don't think I should have to pay for these major repairs that weren't needed when I placed my offer on November 19th, 2008.

 

[HomeGuru]

Thanks home guru.

The realtor says she is on my side. She says she's more than happy to show me other houses. Or we can stick this one out. I just don't think I should have to pay for these major repairs that weren't needed when I placed my offer on November 19th, 2008.

**A: your Realtor is an idiot.

 

[HomeGuru]

HomeGuru says: this is why your Realtor is an idiot.

Thanks again for your advice.

I have an appointment to see the damages myself on Tuesday of next week. My realtor called me yesterday to report what she saw with the inspector. I asked my realtor shouldn't they come down on the price, she told me no, because of the "As Is addendum". She said unfortunately these things happen, I would have to get these things fixed on my own. I just couldn't accept that answer that's why I'm on this site today. Should I call the bank myself or ask my realtor to do as I ask her to do?

 

[Taraboh]

Thanks Home Guru and Shorty Long.

I'm going to ask for a renegotiation of the asking price. If nothing positive comes of it immediately, I'm walking away.

 

[HomeGuru]

Thanks Home Guru and Shorty Long.

I'm going to ask for a renegotiation of the asking price. If nothing positive comes of it immediately, I'm walking away.

**A: yes, stand your ground. Also ask your Realtor to read up on as-is transactions, statutory and case law and talk to her PB. She has a lot to learn and is giving bad advice.

 

[Taraboh]

I will do that Home Guru, you have been very helpful. I will let you know the outcome.

Thanks again
Taraboh

 

[HomeGuru]

I will do that Home Guru, you have been very helpful. I will let you know the outcome.

Thanks again
Taraboh

**A: good luck to you.

 

[ecmst12]

If this is a short sale, that means the current owner can't even afford to pay the mortgage, so how could he have any money for these expensive repairs that are needed? And he's already losing money on the sale.