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kolszak1, Home Buyer in Virginia Beach, VA

I have an offer on a short sale and now have been asked to sign an "AS IS" addendum. I have been told that I can still back out at the final

Asked by kolszak1, Virginia Beach, VA Fri Jan 3, 2014

walk through if the work that the seller has said he would do isn't completed. is this true?

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Answers

7
If the work to be done was specified in the P&S and there is language in there that allows you to back out based on a walk through / re-inspection then you should be ok. You definitely want to have a lawyer look at the paperwork. Here in Needham, Scott Taylor at Kriss Law is excellent. Good luck!
0 votes Thank Flag Link Mon Jan 13, 2014
What everyone else has said here is correct. It depends on whether it is written into the Purchase & Sales agreement or not. If you're just at the Offer stage, be aware that an Offer is a binding contract. If you have any concerns about whether you'd still have the ability to walk away, have your attorney review the offer and the "as is" addendum. If you do not have one, hire one right away. It's important to have legal representation in any purchase, but especially in a short sale.
0 votes Thank Flag Link Mon Jan 6, 2014
If your asking "is it true", then email your attorney and you will have it in writing. Any work the seller agreed to do that is documented in your P & S should require a receipt. Ask your attorney if it is specified that the the work is done from a licensed professional.
0 votes Thank Flag Link Sat Jan 4, 2014
I suggest you seek the advice of your buyer agent and or your attorney. Hopefully you have these experts on board already.
0 votes Thank Flag Link Fri Jan 3, 2014
Assuming the work is specified in the addendum, yes. Your attorney should make sure it's there and that it specifically asks for work to be done by licensed and insured professionals with proper permits pulled. Ditto on the walk throughs
Good luck!
0 votes Thank Flag Link Fri Jan 3, 2014
Yes and no. Your purchase and sale contract needs to reference the work to be completed. You should do two walk through if possible. One to confirm work has been completed preferably a week ahead of closing and one the evening before or day of closing to confirm the property is as you expected it to be.
It's crucial that you hire a personal attorney and not depend on your lenders attorney as they represent lender and not buyer. Best of luck!
0 votes Thank Flag Link Fri Jan 3, 2014
Would need to see all the paperwork. Have your agent explain to your or utilize a lawyer. However, I can tell you this, generally speaking a short sale is ALWAYS an as-is sale. The bank will only let you have it if you take it as-is. This is most common.
0 votes Thank Flag Link Fri Jan 3, 2014
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