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Home Buying in Caloosahatchee : Real Estate Advice

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  • Home Buying19
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Activity 13
Tue Sep 13, 2016
Robert Guth answered:
The majority of residential real estate contracts in Florida these days are written on the F-R BAR- AS IS contract, This article will answer some frequently answered questions regarding this contract with a focus on how inspections and repairs are handled under the AS IS contract.

AS IS is essentially a warranty disclaimer, Property is often sold AS IS in order to limit any liability relating to the condition of the property.

Aside from the general AS IS disclaimers the main difference is how inspections ans repairs are handled. Under the standard contract seller is obligated to a repair limit, If the cost of repairs exceeds the repair limit the buyer can elect to have seller repair certain defective items up to the repair limit. If neither election is made, either party can cancel the contract. The procedure is much simpler under the AS IS contract. Seller has no obligation to repair anything, but buyer can cancel the contract within the inspection period if buyer determines the property is not acceptable.
There are a couple other notable differences between the two contracts pertaining to inspections and repairs. First, the AS IS contract has no limitations on the type of inspections or who can do these inspections compared to the standard contract which limits the items that can be inspected and who can inspect them. For example, under the AS US contract a buyer can get a mold inspection which cannot be done under the standard contract ( unless there is a separate mold inspection). Second, under the AS IS contract anyone (including the buyer) can inspect the property, compared to the requirement of using a professional inspector under the standard contract.

Is buyer's only option under the AS IS contract to cancel?
Technically, yes. Practically, however, buyer's ability to cancel gives buyer significant leverage to negotiate for certain repairs, a price reduction, or a repair credit (often re-captioned a "closing cost"credit if buyer is getting a loan).

A major (and perhaps the only similarity) is that seller is not obligated to make any repairs. However, the parties under the standard contract must still follow the extensive inspection and repair provisions. These include:1- buyer must still give notice of defects, 2- seller must still obtain written repair estimates buyer cannot cancel if seller agrees to make all requested repairs, and 3- if seller does not agree to make all repairs, 4-seller can cancel if buyer fails to elect to take the property in its AS IS condition.

*Addendum K - Legally there is no distinction between the AS IS contract and the standard contract with addendum K attached. However, the AS I S contract is much cleaner and easier to use. A typical circumstance where it makes sense to use the AS IS addendum is when the parties as part of the contract negotiations decide to convert the standard contract into an AS IS sale. This usually occurs when seller agrees to a reduced price in exchange for buyer taking the property AS IS.
*Addendum L- Right to Inspect and Right to Cancel- From a buyer's perspective this is the best of both worlds. Buyer can cancel the contract if buyer is not satisfied with the condition of the property but seller is still obligated to repair defective items (up to the repair limit) if buyer does not cancel.

Seller and listing agent are still required to disclose known hidden defects that materially affect the value of the property,notwithstanding that the property is being sold AS IS.

Bank owned properties are always sold AS IS. Similarly, institutional trustees and fiduciaries typically sell property AS IS, A seller may also decide to sell a property AS IS if seller knows the property is in a state of disrepair, or if seller agrees to a significant price reduction, A buyer, on the other hand may use the AS IS contract to make buyers offer more attractive, or to tie up the property while buyer continues to look at other properties (often to the consternation of the seller and listing agent).


When representing a Buyer, I am compensated by the seller, not the Buyer. I'm on call for my clients 7 days per week, and can make the buying experience seamless and hassle-free.

Robert Guth, Realtor
Re/Max Realty Partners

www.capecoralfortmyershomesonline.com
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0 votes 16 answers Share Flag
Sun Feb 23, 2014
Joe Snapp answered:
Hello all,

YES - it is in FEMA's SFHA flood zone "AE" in fact.

FYI I can help you all figure out complex 2014 post BW12 flood insurance zones and price costs with new service FloodBuddy.com. It is our self-developed and nationally launched online flood insurance zone rate “calculator” and NFIP agency. We are up and running in all 50 states and territories, for consumers and business – and free to all to use.

Also, as we are national authorized and appointed federal flood agency, anyone may continue on to purchase the flood policy, paying by credit card, check or mortgage lender (upon accepted policy application of course).

PS: We have some FloodBuddy Insurance LLC NFIP flood insurance clients RIGHT NOW in this great City of Cape Coral flood community #125095, Lee county, Florida.
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Fri Oct 11, 2013
Justin Ruzicka answered:
Sonya,

Something else you might want to consider is, does any neighboring walls of your unit have or had Chinese or Defective Drywall. One of the main issues with the Defective Drywall is that it puts off Sulfur Gases which is what causes much of the damage. If your unit shares a wall with another unit that has Chinese Drywall there could be gas from the other unit "leaking" into yours.

Just something to consider. Hope you find the perfect property for you and your family.

Read more of my insights at http://blog.houseguy.org/
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0 votes 9 answers Share Flag
Sat Aug 3, 2013
Sarah Garrett answered:
Sounds like you may need some help navigating through the 1000's of condo's for sale here. I have a website that updates minute by minute and we can communicate just as fast from it. The search criteria is simple to change as often as you like. Happy to help you when you want a Realtor to go to work for you. The seller pays our fees.

Sarah Garrett
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2012" Gulfshore Life Magazine
239-464-8620
sarahgarrett@argfl.com
WEB ACCESS TO MLS: "Search like an agent and get minute by minute updating"
www.swfloridahomebuyer.listingbook.com
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0 votes 6 answers Share Flag
Sat Jun 15, 2013
Ann Gee answered:
Some Brokers charge a "Transaction Fee" which normally shows up on the Closing Statement. This should have been disclosed by your Agent as part of your costs when you began to work with him. I see these infrequently and they are not popular with Buyers. Ask your Agent if he or his Broker would be willing to cover this cost out of their side of the Commission. No one wants surprises. Disclose Disclose Disclose!! ... more
0 votes 43 answers Share Flag
Thu Feb 28, 2013
Denny Sharma answered:
Hi Big Al,

I would check availability and set appointment.
0 votes 7 answers Share Flag
Thu Feb 28, 2013
Lisa Daniello answered:
You should also check permits , lots of older homes have been rehab after Charlie or just updated, ck to see the year work was done and have inspector focus on those areas..
1 vote 17 answers Share Flag
Tue Feb 12, 2013
Sarah Garrett answered:
Hello,
The Gulf coast of Florida will be an excellent choice for you and your family to call home. Our school system offers the school choice program as well as charter schools. For this and more information on how you can see the listings available on the FL Gulfcoast MLS please go to the website offered below. This site will also allow you to save your favorite homes and receive daily reports on new or sold listings. Thanks for you question and I look forward to assisting you.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2012" by Gulfshore Life Magazine
239-464-8620
sarahgarrett@argfl.com
MLS Access:
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0 votes 4 answers Share Flag
Mon Jan 28, 2013
Terry McCarley answered:
I don't know if you had an opportunity to view this property but wanted to update you and let you know it went under contract and is no longer available.
0 votes 15 answers Share Flag
Sat May 19, 2012
Barbara Klare answered:
Mon Jan 24, 2011
R answered:
I know about the water service in the Cape Coral area. Most of the SE and SW areas are city water and sewer. Most of the NE and NW areas are well water and septic tanks. The well water is very good though and you shouldn't have any fears using it plus it's a money saver. In the future they will probably all be on the city systems.No telling when though. Have good day, Reinhard ... more
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Mon Jan 11, 2010
Mark Washburn answered:
Those are not homes listed at those prices, just notices of foreclosure and lis pendans filings by a company called RealtyTrac. RealtyTrac advertises these misleading notices on Trulia in hopes of enticing you to pay for their fee-based service to look at foreclosures.

Here is a completely free resource to look at foreclosure listings in Cape Coral: http://www.greaterftmyers.com/cape-coral-foreclosures.php

Good luck with your search!
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0 votes 6 answers Share Flag
Mon May 12, 2008
Bogey Golfers. Scratch Realtors. answered:
I'm not sure exactly where you are referring to, but there is a FABULOUS country club community located near the Caloosahatchee - "Verandah", built by the Bonita Bay Group. We have some great values here right now - including 2000 sq ft townhomes starting at $170K all the way up to beautiful custom homes at over $2,000,000. There are 2 golf courses (seperate membership req'd), 9 miles of walking trails; kayaking onteh Orange River - too much to describe! Please contact me if you have any interest in either new homes here or resales. I also have a newsletter that I can send you if you contact me at Suz@SuzSellsRE.com ... more
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