Home Buying in New Brunswick>Question Details

Imtrying, Home Buyer in New Brunswick, NJ

if putting a cash offer in should both agents allow you access to get contract estimates so you know how much to offer if house is full rehab?

Asked by Imtrying, New Brunswick, NJ Sun Jan 29, 2012

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Helen Cocuzza’s answer
If you are buying a Short Sale or Foreclosure Home or Rehab Home in "AS IS" condition as the contract states - then you are buying a house that is just that "AS IS" - there is no Obligations whether cash or mortgage purchase that you have to get in to see just what is wrong, it is a courtesy that in many cases is allowed ( to get in and see) The inspections are only for your knowledge of what is wrong with the house and not neccessarily to be used for negotiating the price more, but that seems to be what has happened over the years mainly due to very serious ill conditioned 'Distress Home Sales' such as yours sounds like it may be. In some cases you even have to get legal approval from the seller's bank/ lawyers so that may be an issue/hold- up here for you as I have seen that myself in some short sale cases, and that took 2 months just to get the approval to go in with their contractor. If your not willing to do any extreme issues that may 'Pop-Up" you may want to back out now before your in over your head, Or if hard work and the expense of it all is something you are prepared for- hang in there, get the house at a decent price & GOOD LUCK!
1 vote Thank Flag Link Sun Jan 29, 2012
That was, "break IT," not, "break IN." Meaning, if you damage the property, you're responsible for repairing it.

So, why are you buying a fixer? Let me put it another way - you're apparently not a contractor, not a tradesperson, so you're going to buy a fixer and hire the work done, and you think this is a good idea . . . why?

To my mind, rehabbing homes is not for the unskilled or the faint of heart. There are a lot of decisions to be made throughout the process, all the while mortgage payments have to be made.

All the best,
1 vote Thank Flag Link Sun Jan 29, 2012
I'm trying,

Reading your question and your comment below, while I understand that your agent said this is an "as is" sale, that doesn't have any bearing on your bringing your contractor so you know what the house will cost for rehab. If the cost for rehab exceeds a certain amount, you may opt not to put an offer in. Offers should be based upon the most recent sold comps however with that being said, its still in your right to know an approximate rehab cost. As with a home inspection, is for your knowledge only as is bringing your contractor. You are not asking the seller to make any repairs but you have a right to know, what is wrong with the home, estimated rehab costs, etc.
0 votes Thank Flag Link Mon Jan 30, 2012
Even though the house is "as is" condition...your contract should be set up so you can still do a home inspection & cancel the contract if something severe is found...i.e. Unsafe foundation. I have done many like this. I also don't see why you couldn't bring a contractor in to get estimates. If you need more than one estimate or type of professional (electrician, plumber, etc.) , try to set up the appts. Close together, so you are not going back & forth a hundred times. Your realtor should be able to arrange all of this & accompany you. Good luck!
0 votes Thank Flag Link Mon Jan 30, 2012
If shouldn't matter if you are paying cash or getting a loan, the Agents should certainly be able to arrange for you to visit with your contractors. They only thing stopping it would be the owner. And if the owner does not allow it, you have to wonder, WHY?
0 votes Thank Flag Link Sun Jan 29, 2012
Is there a law? No, don't think so.
Is this common decency and courtesy? Absolutely.

I would suggest visiting the Listing Agent's Broker.
Most Brokers are people people, or they wouldn't be where they are.

I would also be prepared to walk away.
Not knowing what you will need, seems like a Deal-Breaker to me.

Good luck and may God bless
0 votes Thank Flag Link Sun Jan 29, 2012
No house is not occupied (NO C/O)
My agent told me getting prices was not necessary that it was an as is sale cash so I do not have any contract prices but my home inspector would tell me if there any structual problems that would kill the deal.
I feel so in the blind here and my family members are telling me to bail out cuz my realtor is no good.
AND no I would NEVER break in HA HA I have WAY to much to lose
0 votes Thank Flag Link Sun Jan 29, 2012
Is the home occupied?
Yes - do your contract estimate concurrent with inspection.
No - you already have access. Your agent is able to get you in. Be advised, if you break-it you buy it.

Note: if you are not a licensed and insured contracter, it is unlikely a homeowner would want you on the roof, in the attic and opening the electrical box. They can be held liable for your mis-steps.

Your NJ real estate professional will be able to advise on the common practices in your state.
0 votes Thank Flag Link Sun Jan 29, 2012
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