Stuff It_IHB
New member
I'm new to the US and I have found a house that I like (REO). The description of the house contains 'sold as is'? What does this mean?
Sold as is
- Thread starter Stuff It_IHB
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NEW -> Contingent Buyer Assistance Program
Gohabsgo_IHB
New member
Looks like homes "sold as is" should not be bought? Seems really scary... I guess you can hire an inspector (which you probably should anyway, right?).
No_Such_Reality_IHB
New member
awgee, correct me if I'm wrong, but unless you can prove the seller knew of the problem, even a cracked foundation would be you issue to fix and not the seller.
More importantly, anything that is material will end up being fought, so to be safe, basically assume all transactions are "as-is". The only difference with a REO is the REO won't give any disclaimers. A private party, you'll get the boiler plate disclaimers. Anything that is written on the disclaimers should be checked extremely diligently as it wil likely be Realtorspeak and euphemistic.
More importantly, anything that is material will end up being fought, so to be safe, basically assume all transactions are "as-is". The only difference with a REO is the REO won't give any disclaimers. A private party, you'll get the boiler plate disclaimers. Anything that is written on the disclaimers should be checked extremely diligently as it wil likely be Realtorspeak and euphemistic.
lawyerliz_IHB
New member
In Florida, if you know about a residential defect and do not tell, you can successfully sue. It's still caveat emptor in commercial.
It's very common to sell as is here. But even with as is you must disclosue if you know there is a cracked foundation, for example. An institutional seller will always claim, probably truthfully, that they didn't live there and they didn't know.
So you need to inspect big time, especially with an REO. Don't stint. Usually inspectors charge more depending what they do. Inspect everything they offer to inspect. You might even want to hire engineers if you suspect something.
I can't emphasize this enuf.
You guys are not obligated to disclose a known defect? Isn't not disclosing fraud?
It's very common to sell as is here. But even with as is you must disclosue if you know there is a cracked foundation, for example. An institutional seller will always claim, probably truthfully, that they didn't live there and they didn't know.
So you need to inspect big time, especially with an REO. Don't stint. Usually inspectors charge more depending what they do. Inspect everything they offer to inspect. You might even want to hire engineers if you suspect something.
I can't emphasize this enuf.
You guys are not obligated to disclose a known defect? Isn't not disclosing fraud?
IrvineCommuter_IHB
New member
Disclosure for a known defect is required but it is a hard standard to get to. It usually comes down to the past owner's word v. the new owner's word.
Thus, you must always get a home inspector maybe two. Get you more people to sue. Additionally, agents are good for these cases because they are additional parties you can sue.
Thus, you must always get a home inspector maybe two. Get you more people to sue. Additionally, agents are good for these cases because they are additional parties you can sue.
IrvineRenter_IHB
New member
When you buy new, builders have a warranty program. Resale houses are pretty much 'as is.'
I think the main reason bank REOs say this -- other than for liability protection -- is that they have no knowledge of anything in or on the property. If you bought from a homeowner, they would know the properties defects, and they would be required to disclose them if asked. Banks have no knowledge of a properties defects, therefore, they put everyone on notice that they have no idea what they are selling you.
I think the main reason bank REOs say this -- other than for liability protection -- is that they have no knowledge of anything in or on the property. If you bought from a homeowner, they would know the properties defects, and they would be required to disclose them if asked. Banks have no knowledge of a properties defects, therefore, they put everyone on notice that they have no idea what they are selling you.