I want to thank the four of you for your input - - your answers have been most helpful. If anyone cares to respond, I thank you in advance.
Anthony

Anthony:
First, I hope you have seen the property with a Realtor. If not, get thee one and hie ye hence, if you're into Elizabethan prose. Otherwise, see the property and be FULLY informed before you buy. A Realtor can show you the property, other property in your price range, show you comparable sales and offerings by accessing the MLS and he or she can help you with negotiations and all the other aspects of the purchase of a home.

As far as the amendments go, most of the clauses are just things that protect the corporation, such as the As-Is deal but there are some that actually may be to your disadvantage. In NJ, you have the opportunity of submitting the contract of sale and any addendums to an attorney for review. This review period is of three day duration. Your attorney can, during that time, reject the deal or suggest ways where it might be acceptable to his client. You don't need an attorney in NJ and, in the southern half of the state, they are not customary. That may be fine when you are dealing with a usual homeowner and when the standard NJ Association of Realtors (NJAR) contract is used but I always recommend using an attorney with a corporate deal because they have access to one and had one generate the addendum. In some cases, the addendum was generated by attorneys in a different state and do not necessarily comply with NJ law and surely do not contain provisions that favor the buyer. Unless you are well versed in these matters, (and if you are, why did you post the question?) then I'd add the cost of legal counsel to my budget for the acquisition.

As-Is requirements are STANDARD with corporate owned deals. This means little in and of itself. The corporation, usually after some investigation, has decided that it is not worth the time and money to effect any changes to the condition of the property. The property may need a lot or a little, it's of no consequence to the deal per se. Usually, the corporation has figured into the asking price what any discount for condition might be required to sell the place.

What you MUST do is called “due diligence”, especially in commercial deals (and since you are dealing with a corporation, your deal is at least half commercial.) This means that you have to ascertain all the aspects of the value of the property before you make an offer. In home sales, our standard NJAR contract, which you can use as a basis for your offer (plus the corporate addendum) allows some of this due diligence to occur AFTER the contract is signed. For example, you can get a home inspection done after signing and figure out how much repair and improvements might cost. You can also review the CO inspection report from the town to be sure that any violations can be remediated within your budget. If the whole thing does not work for you, you can reject the deal after you know where the total acquisition price of a move-in home will be.

As another agent has indicated as well, Burlington is within my normal area. I lived in Bordentown, just to the north, for many years. If you have not used another Realtor, I'd be glad to work with you.

If it is the house listed for $76,500 whether or not it is too good to be true depends on whether or not you are in a position to do the work. Besides, if they are asking 76,500 they will likely let it go for less. I also doubt that it has 5 usable bedrooms. You might want to check with Burlington City construction office to see if there are any outstanding code violations or open permits and what you will need to sign to get a temp C/O to get through settlement. DO NOT agree to do any work to a property before you are the owner.

Burlington City is in my service area. If you would like one of my agents to contact you to consider representing you in a purchase let me know.

Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill NJ 08002
856-488-8444
MEMBER: National Association of Exclusive Buyer Agents ( http://www.naeba.org )

All sales have amendments. Your real estate agent OR attorney can review those doc's with you.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

Anthony, If it is corporate owned it could have been a relocation situation. Depending on the the corporate client, they may not want this unit on their budget, especially into a new year. Unlike private homesellers, they calculate their indirect and direct carrying costs to determine what their bottom line price may be. Sometimes, corporate owned homes are more aggressive with pricing and well below market value because of this. The best way to determine value is to connect with a local agent that can provide comparable sales and listings. This will give you a sense of whether or not the unit is a good purchase for you. As always, consult with an attorney on the conditions/paperwork. Best of luck.