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Tizzo | How risky would it be to purchase a home in "as-is" condition? |
This is a banked owned property, built in 1975. I'm a little concerned because the bank sent off several pages of seller's release of liability forms. The bank is basically saying that they're not going to fix anything, and that we would not be able to go after them if we find major damages in the future.
Although I'd be getting the property for a great deal, I'm concerned about future catostrophic damages (plumbing, mold, etc.) concerning the age of the home.
Any advice from real estate experts or anyone who has been through this would be much appreciated!
Additional Details
We did have a home inspector come out, and it looks like there is mold damage. Is that really severe? How much would it cost to get rid of it? |
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Marysue
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I’m 13 days into owning an as-is bank foreclosure. We made our purchase contingent on inspection, and the inspector found only minor issues (just several…). The house had been empty for about six months (it was DIRTY), and unfortunately a few items like a sink & a gas fireplace weren’t connected for us to try before we bought. I wanted a fixer-upper, and I got it. By no means do I regret the purchase and my husband and I are having a great time working on it, but it has definitely been, and continues to be stressful and exhausting.
Aside from getting a professional inspection, get contractors in to give you estimates on all of the work that needs to be done, even if you plan to do it yourself. You do not want to be surprised when you start doing the work.
The features that pushed us to buy this house over others in the same area: (I’d say most, if not all of these, contributed to the foreclosure)
-Kitchen remodeled two years ago: new cabinets & countertops, double electric ovens, five burner gas stove
-screened in porch in back yard
-newer bay window in living room
-newer interior doors
-HVAC five years old
-lateral line five years old
-2.5 bathrooms
-The PRICE, duh!
I recently made a list of all of the things that we have or will be fixing over the next year or so. It’s overwhelming to look at it on paper, but the majority of this stuff has been tackled in the last two weeks.
“Normal” issues for area that have been or will be addressed:
-Replace 50 year old single pane, wood frame windows
-Refinish hardwood
-Update all three bathrooms
-Replace kitchen floor covering
-Replace dated light fixtures
-hardboard siding on addition
-asbestos tiles in basement under carpet tiles
Issues we had to fix after closing because of as-is sale:
-replace sliding door with broken thermal seal
-rebuild leaking kitchen faucet & clean up mold & rust caused by leak
-replace leaking master bathroom faucet – was not hooked up so couldn’t be tested until after closing
-replace leaking main bathtub drain
-install shower heads – both missing
-replace wires – incorrect gauge for ovens
-add/replace closet doors – most missing or damaged
-reframe 2 bedroom closets – framing removed by previous owners
-replace several light switches with shorts
-bathtub condition issues – needs tub fitter or new tub
-basement shower condition issues – need new stall
-correct sloppy finish work (exposed nails in trim, incorrect miters, etc.) |
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Landlord
 |
It is standard practice for banks to sell "as is" and it means exactly that. They aren't going to pay for any inspections and will not fix anything, or give any credit for, a problem that shows up on any inspection.
Do the wise thing and fork out the 300 or so that a home inspection costs (your bank will likely require this anyway before they agree to close). If there is a problem move on to another house, there are plenty to choose from these days.
BTW, this house is NOT old. If it is showing signs of age right now it is due to cheap construction and you should avoid it anyway. I wish they included builders in the MLS, so you can simply not look at anything cheap, like a KB home or other know poor quality builder. |
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venicefloridarealtor
 |
Mold damage is a serious consideration. It can be minor, or it can require tearing out walls and flooring and tiles and whatever - and replacing the damaged area, then replacing the flooring and tiles, etc.
You can not always see where the mold has gone, from the surface.
Get a professional mold inspector to look at the house before you agree to any contract to buy. This kind of damage could cost your big $$$, worst case scenario.
FYI, mold on bank owned properties is not uncommon. Frequently the gas or electric power has been turned off for some amount of time (possibly many months), prompting mold to grow in damp areas (some of which you can not see).
Get an expert to sniff it out for you.
Good luck and best wishes. |
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Judy1
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Have a home inspection so you know what you are likely to be dealing with, since fixing anything found after you buy the home is on your nickel. |
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Fuzzybutt
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I would have it inspected before you purchase.
Spend the $250 for piece of mind to find out what is
really wrong with it. |
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just_a_hick
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You should just get the home inspected top to bottom. It won't make a difference as far as the repairs done by the seller but at least you will know about what is wrong. "As-is" doesnt mean they dont have to disclose known problems, it means the owner does not want to fix anything in order to sell it. I bought a house that was NOT as-is and I did have it inspected and then 2 years later I found out that the roof is rotten. You may have to take a chance, just get as much looked at as you can before you sign a deal. The age doesnt make as much difference, even new homes can be bad quality |
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Neither Republican nor Democrat
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DON'T BELIEVE THE "AS-IS" WORDING!!! Trust me. I represented buyers on a bank owned property. The agent told me "don't even think of making a less than full price offer and don't ask for any repairs". Well we offered much less and they agreed. After our inspections, we found the air conditioner was shot. We asked for a credit of $7,000 and they gave it to my buyers. It's all bluff. They want this crap off their hands as fast as possible and they will deal with you. Of course, if you don't ask, you won't get. And - we did have a similar addendum. |
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luminosa
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I'm not an expert. But I have bought and sold property several times. And, I have common sense. If you have the talent of repairing anything and everything on your own and you are getting a good deal on the property. Probably the money you will be saving on this great deal is enough to buy all the supplies you will need to make repairs to keep your house livable. Keep in mind though. As you replace and make repairs, you will be adding your own personal touch at the same time. My parents always bought homes that were fixer uppers. My dad was so talented. We always ended up with a beautiful home and always sold them with a great profit. I myself only sold one house "As Is". Because the plumbing needed work. It too was an older house. I just happen to sell it to a plumber :) You are taking a big risk buying a "As Is" home if you or your husband can't do your own labor. There will definitely be labor involved. That's why it is being sold "As Is". |
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Atlanta Realtor
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You need to have a professional inspector look at the house and house systems. Usually, you will not need to have placed an offer on the house before doing this (with a bank owned property). You can then start your price negotiation based on what your inspection report says need attention.
I have purchase and helped clients to purchase several 'as-is' properties, and the inspection report was instrumental in lowering the price considerably on every single one. |
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Amy L.
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YOU SHOULD BE ALLOWED TO HAVE THE HOUSE CHECKED I WOULD NOT WANT ONE THAT DID'NT ALLOW THIS ALSO DID ANY CRIMINAL ACT'S OCCUR THEIR I'D WANT TO KNOW THAT TO... |
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.
|
Many times it's dangerous to buy a home like that because, as you say, there may be problems that you are not aware of (especially in old houses) that could pose a problem in the future.
We almost bought a completely new house once and practically right before we signed the the papers we discovered a severe case of mold in the crawl space due to moisture problems which was coming through the floor of the house xP
I would have an expert come in and inspect the house before you make any further move. |
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deedee
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Well how much do you know about the house??
and how much repairs are you willing to do??
If you can get the house for 25,000 less than other houses in that area it could be worth it, get an inspector to give you an idea of what you are looking at spending for repairs. If that is only about 5,000 then its worth it!!
We bought a house as is and redid the wires and built new walls and now the house is worth 50% more than when we bought it a year ago. |
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johnny N
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Definitely you need the services of a good house inspector that can see with you and examine the obvious and the hidden problems you will need to fix first before you can really occupy the house in real good condition or even if your purpose of purchasing it is for mere investment.
You know well that the property is an old depreciated one since its built and long use. Must you also figure out the value of the location of the property base on present market value.
You need a little cost comparison of your cash out to consider in fixing the house to almost like new and livable plus the good deal selling cost, that make the feasible amount you shall assumed, as-is conditioned buy. Be sure you add on your cost of money.
So no risk is involve in buying as-is condition property. Definitely the bank got the property in its depreciated price and the bank is selling it a pretty good add on of no less than 30% plus all charges, but definitely same a good deal with a private buyer, being anticipated too the cost of repairs, well much assumed and known by the bank.
So no risk and no loss, as long as you have a good reliable look by your hired inspector/appraiser. The only loss is cost of time caused by your curious interest to take advantage of the opportunity, whether you take it or not, somebody will take it if you will not be prompt enough to give your time good enough. |
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jl
|
well calculate worst case scenario's.
get estimates on fixing the mold situation and figure on that being part of the purchase price.
the inspection should of given you some piece of mind on the plumbing, etc, that all is reasonable.
the as-is is nothing to worry about that's standard stuff. your doing what you can, get the house inspected, and make sure your price/cash situation covers what is necessary. |
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Beatrice C
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The bank repossessed the home, so therefore know nothing about the condition of the home. Have a thourough private inspection done, review the findings and make your decision based on the report. Some things are easily repaired. Others such as a bad foundation mean a lot of problems with value and structural integrity.
Inform yourself, talk to plumbers, electricians, etc................ |
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