This is typical of some REO's or Bank Owned Properties where the "Bank Asset Managers" have decided to pay for nothing & have the Buyer take responsibility. People think you can get good deals on Bank Owned Properties, but the truth is, they are just another home for sale on the market and each is unique & every deal is different, even if its with the same bank. - I have helped many clients negotiate with banks and close these deals. Some of these are just simple quantifiable costs that the seller normally pays - BUT - others like the "Subject To Recording Of Sheriff Deed" could be a problem, and"Buyer Responsible.... for any repairs" is a blank check until you find out whats wrong with the place& what may be required. - when everybody else sells homes without these risks and obligations - don't make offers unless you have the help to assess if it really is a deal or to big a risk.
I would recommend that you stay away from these properties unless you have the knowledge and experience or you have the right professional guidance and access to information to quantify the risks, Properties without inspection periods to where you can have the home inspected and look at public records are also properties to stay away from unless you have ability to pre-inspect these with your own legal team to do so in advance.
If you do not understand what each of these are and how much each will cost, against the condition of the home and the price you are paying, turn away, the risk to you is too high. With the right help, you could assess these types of properties to see if they might be right for you.
If you need an agent referral to your area, please feel free to call and I can work to set this up for you at no cost to you.
I am available to you for any further questions.
All my best, Don 415-516-1236... more
Do a couple of transactions per year without trying to hard? Wow! Iâ€™m sure many of the brokers out there are loving this, grab Khizrajiâ€™s sphere of influence then be done in 2 or three years. Not to be rude but blunt, this is exactly whats wrong with the Real Estate Industry â€œtake an online course and the examâ€ and poof you are a licensed agent. Iâ€™m not even going to rant about downsides to the consumer about this practice, which is actually a glorified business model in many areas of the country endorsed by Warren Buffett. Professional Full Realtors need to start to bring pressure on this this type of business model / mentality, this example is one of the main reasons I have a problem with the Keller-Williams business model since it encourages this type of agent since everyone gets a piece of the action of the newbie agent. Texas may be on the right path to solving this problem by requiring 210 hours of training and education, Pennsylvania only requires 60 hours of training. Khizraji, my advice to you is to do some more research and find out the statics for failure in this industry and the actual cost you will incur. You may find this may not be as lucrative & glorious as it looks.... more