Home Buying in 14850>Question Details

M.E., Home Buyer in 14850

Can someone explain what an "estate sale" with home being sold "as is?"

Asked by M.E., 14850 Tue Mar 20, 2012

I was also told that because this is an estate sale, as is, that there would be no property condition disclosures. Why would that be? Doesn't buyer have to disclose known defects?
Any advice on purchasing or making an offer on this kind of sale?

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Bonnie Ann Nault’s answer
BONNIE NAULT, Assoc Broker REMAX IN MOTION 607-215-6195

Hi, sure an estate sale is when the owner is no longer alive and it has to be settled by the heirs or the state, or an appointed attorney.
The seller doesn't have to fill out any disclosures since they are not alive,and heirs or attorneys may not know the answers to the disclosure questions.
" Selling as is" is aa term used by estates or even property being sold by an owner who is facing foreclosure , a short sale or someone who just hasn't any assets to fix things, so if anything is needed to help a buyer get bank commitment for a loan, etc then the buyer will take on that expense.
Get a seasoned agent and a good inspection so you know what additional costs you may run into.
Here in tompkins County the seller usually pays for an updated abstract and deed, the water and septic test and an updated survey, in a selling as is , you may have to pay those expenses.
I sell and represent buyers in Ithaca, if you need any help! Google me, Bonnie
0 votes Thank Flag Link Tue Mar 20, 2012
Important to understand that "as-is" does not always mean you cannot negotiate for issues. An agent with strong negotiation skills will often still be able to get you a better deal for issues.
0 votes Thank Flag Link Wed Dec 17, 2014
Tim,

One more thought if a Buyer discovers defects during a structural and they are serious -- and there are no other interest the Estate may consider providing an adjustment in price, if they can afford to do so, even if they are selling the property "as is" -- every situation is different it's important to have good advisors in the process who can help you facilitate a successful transaction.


Lindsay Lustick Garner, ABR (Buyer's Broker)



Licensed Real Estate Broker
Linz Real Estate
Local Cell Phone: 607-227-7456
Fax: 607-533-4238
Email: linzallo@hotmail.com

http://WWW.LINZREALESTATE.COM
0 votes Thank Flag Link Wed Oct 30, 2013
"Estate Sale" -- is when most commonly the family is taking care of the sale of a property after someone has passed away and NYS does not require the members of the estate to fill out a property condition disclosure because they most of the time have not lived in the property. "As is" means these sellers in this case the "estate" are selling the property in the condition it's in you are welcome to make the offer contingent on a structural but there should not be any expectation that the estate will negotiate it becomes in most cases a take it or leave it scenario. If you need help I ONLY work with Buyers so feel free to call me 607-227-7456 or email me at mail@linzrealestate.com. I hope this helps!

Lindsay Lustick Garner, ABR (Buyer's Broker)

Licensed Real Estate Broker
Linz Real Estate
Local Cell Phone: 607-227-7456
Fax: 607-533-4238
Email: linzallo@hotmail.com

http://WWW.LINZREALESTATE.COM
0 votes Thank Flag Link Wed Oct 30, 2013
Keep in mind "as-is" does not mean you cannot negotiate the price for structural issues if the come up on the inspection report.
0 votes Thank Flag Link Fri Apr 12, 2013
An "estate sale" is when the homeowner has passed away and the heirs are selling the property. The "as is" status is due to the sellers not wanting to make repairs.
0 votes Thank Flag Link Tue Mar 20, 2012
An estate sale occurs when an owner has passed away, or moved to a assisted living facility, retirement community, etc.; therefore liquidating assets. As for disclosures, keep in mind that whoever is handling the estate sale, may not have any firsthand knowledge, or simply not know of any defects, therefore you may wish to consult with an attorney who specializes in real estate in order to best protect your interest.
0 votes Thank Flag Link Tue Mar 20, 2012
Being an estate sale it could be unlikely the heirs know any defects regarding the home. by stating they do not know is actually a disclosure. if they lie they can be liable. it is common for estate sales to be "As Is" meaning they will not be making any repairs or concessions for them. Your offer should reflect the current market value less and needed repairs. using a buyer broker who is experience with estate sales would be a great help to you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 20, 2012
an estate sale is when the owner has passed away and the heirs are selling the home. As is because they don't want to do any repairs, and may have little or no information on the condition.
0 votes Thank Flag Link Tue Mar 20, 2012
Depending on the laws of your state, there can often be an alternative disclosure which essentially states "I've never lived in the house or haven't lived in the house for years and therefore cannot attest to any issues that have arisen in the house that would require disclosure".

A buyer can't expect someone to disclose defects that are not known to the seller (flood in the basement in the storm of 09). Only someone who has lived in the house can truly attest to the condition of the house. Which is why bank owned homes and estates either have limited disclosure or no disclosure at all.
0 votes Thank Flag Link Tue Mar 20, 2012
An estate sale is where someone has either passed away or the sale is being handled by an Executor who's job is to handle family or persons assets.
As for condition reports that is why they cannot disclose fully without possibility of omitting important information. To cover yourself have either them or yourself perform a full integrity and condition test by an engineer as well as appraiser to further assist you in determining the homes actual value and also ARM yourself to prepare a worthy offer.
Always keep in mind when you see something for sale advertised
0 votes Thank Flag Link Tue Mar 20, 2012
Some states have different rules on disclosure and they can say they are making no representation at all on condition. Basically they are saying, "Figure it out for yourself". Sometimes disclosure is not required from a bank or lender who obtained the house, they don't know so they don't have to disclose anything. It depends on your state laws.

An estate sale is done when the person passes away and leaves the property to his estate and there is usually an executor or executrix that is appointed by the estate or family to sell the property for the estate. Since this person does not have 1st hand knowledge of the property condition they are often exempt from disclosure.
0 votes Thank Flag Link Tue Mar 20, 2012
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