Home Buying in Stockbridge>Question Details

Hildy, Home Buyer in New York, NY

How do I find out the condition of a house w/o inspection?

Asked by Hildy, New York, NY Wed Jul 2, 2008

We're in NY and looking at a house in Stockbridge. This was listed on the MLS info:
"SELLER COUNTERS WITH ADDENDUMS NO SELLER DISCLOSURE"
What does this mean?

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BEST ANSWER
Hello, Hildy!

Welcome to Georgia, from a fellow (former) New Yorker!

That wording tells us that you're almost certainly looking at a bank owned property. As others have stated, the bank cannot disclose any conditions that may exist in this property, because they have never actually lived in it. So therefore, it's "buyer beware". You can still have it inspected, and make your sale subject to that inspection. Our current sales contract allows for a "due diligence" period. You can decide, within the negotiated time frame, whether or not you wish to proceed with the sale, without explanation to the seller. This is typically limited to about two weeks from the established "Binding Agreement Date", that is, the date by which both parties have placed their signatures on the contract. Within that period, you will inspect and determine the condition of the property. This can lead to further negotiation, but be aware, many banks do not concede repairs. If they do not, you'll have to decide if you want the property badly enough to accept it "as is". If not, you can send them a "Termination and Release" and keep shopping.

Hope this helps. Good luck with your move!
Web Reference: http://www.BobEngert.com
1 vote Thank Flag Link Wed Jul 2, 2008
Hildy,

You are dealing with a foreclosed property owned by the bank.

First off lets start with the home inspection. You always have a right to inspect a home, they are just saying that they are not going to fix what you find wrong and there are no disclosures because a bank owns it and they have never lived in the house and couldn't tell you a thing about it. These banks are usually in another state and have never even seen the home.

The banks addendums are like their own contract and will supersede our GAR contract. The process usually goes like this; You put an offer in on a home and once they accept it they counter back with what they call the addendum. This addendum will usually give you 7 days due dilligence meaning if you find something wrong within these seven days you can usually walk from the deal. Please make sure you are dealing with an agent, they know what to look for in these contracts. MUST READ CAREFULLY....

I personally would never buy a home or suggest to my client that they purchase a home without a home inspection. This should be a priority on your list. You need to know what if anything is wrong with this house to be able to determine if you will be able to manage the cost that may go with it.

I will also advise you, that even though they may tell you that they are not going to fix things or your not going to get a warranty, your agent needs to ask for it. I can not tell you how many foreclosures I have gotten for clients with repairs and warranties. This is also about making a reasonable offer, keep in mind that foreclosures have already lost about $ 40,000 before they hit the market.

Please feel free to contact me if you need anything at all.
2 votes Thank Flag Link Wed Jul 2, 2008
Hi Hildy,
You can hire your handy man to go through and give you a free estimate and priliminary openion.
However, Once you put an offer, unless you are an investor and know what you are dowing, you must ask for home inspection.
Who pays for it? That can be negotiated.
Regards
Sonia
1 vote Thank Flag Link Wed Jul 2, 2008
Hi Hildy,

That listing sounds like a foreclosure. Banks do not provide a seller's disclosure on a property because they have never actually occupied the property and therefore do not have details as to the condition. Foreclosures are also usually countered with addendums because the seller(bank) has properties throughout the US and every state has different standard contracts. The addendums make it easier for them to counter offers and make sure the contract includes the stipulations they want covered.

I have experience both in listing and selling foreclosures and would love to help you with your search for a new home. Please feel free to call me at 770-722-8376 if you need further assistance.

Melissa Lester
1 vote Thank Flag Link Wed Jul 2, 2008
No sellers disclosure means that the owner has not filled out Ga Assoc. Of Realtors Disclosure Statement. This does not mean necessarily that you cannot have an inspection done on the house. I strongly, strongly recommend it. It sounds like a home that is a short sale or foreclosure and the best thing to do is ask the realtor if an inspection is permitted. If one is not I would be vary wary of moving forward with the house.
1 vote Thank Flag Link Wed Jul 2, 2008
How do I find out the condition of a house w/o inspection?
You lay your hands on the wall and breathe deeply and channel in all the homes history... There is now way too fully and complete know the condition of a home without a trained inspector.
SELLER COUNTERS WITH ADDENDUMS NO SELLER DISCLOSURE
This home mostly likely was a Foreclosure property and the seller (lender) will have addendums at the time of offer.
0 votes Thank Flag Link Wed Jul 2, 2008
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