Home Buying in Newport>Question Details

Charlene, Home Buyer in Newport, NC

What does it mean when a property is being sold "where-is"?

Asked by Charlene, Newport, NC Thu Jun 20, 2013

I understand a property being sold as-is, but what does it mean to be sold "where-is"? Are the owners wanting the house moved off the property?

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"Where is" is a term you see associated with a lot of REO properties.

It means that the owner makes no representations about the survey of the property, the property lines, or about the land that the property is built on. Like "as-is", they are generally not trying to "hide" anything from the buyer - they are just stating that you purchase the home essentially at your own risk - and they make no disclosures, nor are they responsible for, any repairs, improvements, survey issues, boundary issues, etc.

Typically this is simply stated as "as-is" - however many banks/lenders require the listing agent to include "where-is" as well as a technicality.

Hope this helps!
0 votes Thank Flag Link Fri Jun 21, 2013
Huh, i never knew.

Thanks for asking this question, you learn something new every day!
0 votes Thank Flag Link Fri Jun 21, 2013
"where-is?"

I'm not familiar with this being a commonly acceptable real estate term but because of the property's proximity to the railroad, I believe this to mean that the buyer must accept the home's location as it is.

Not sure it could mean anything else.

Hope this helps.

Bill
0 votes Thank Flag Link Thu Jun 20, 2013
It's little more than old terminology. Typically the phrase used in real estate was "where -is, as-is" which over the years has been generally shortened to "As-is"
0 votes Thank Flag Link Thu Jun 20, 2013
Generally "where-is" is combined with "as-is". Simply means the seller is offering the home just like it is - will do no repairs, will not correct any problems. They are not asking for the house to be moved. We see the phrase most often with foreclosures, although this particular home in Newport is not bank owned. If you're getting bank financing and there are structural problems with the home, this can cause problems since the owner obviously doesn't want to do any repairs, but the bank will usually require structural repairs be completed before closing - unless you get a loan specifically for fixer-uppers and includes funds for a contractor to do the required repairs.
0 votes Thank Flag Link Thu Jun 20, 2013
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