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Caloosahatchee : Real Estate Advice

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  • Home Buying17
  • Home Selling1
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Activity 44
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
Thu Aug 25, 2016
Damadmom answered:
If you can call, I would do that. In my experience I have sent MANY unreturned "request emails"
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Wed Aug 5, 2015
Noah Seidenberg answered:
It may be tough I am an animal lover too but property owners worry because Potbelly Pigs can really scratch a hardwood floor.
All the best to you Jo Anne
0 votes 1 answer Share Flag
Fri Jun 12, 2015
Dawn Marie Anderson answered:
HOA fees are approximately 317 per month. Includes Insurance, Lawn maintenance, Manager, Pest Control Exterior, Reserve, Street Lights, Trash Removal, Water, etc.
0 votes 2 answers Share Flag
Thu Apr 30, 2015
Dan Tabit answered:
Luana,

Rental scams are common here and on any site that allows the general public to post. Please be very cautious with deals that seem too good to be true. NEVER send money expecting keys back by mail.
You can search the address in any search engine to see how the homes are advertised elsewhere. If one listing is much cheaper than other places, it's likely a scam.

Read the scam warning Trulia posts. I've attached a link to it below.

When you find a questionable listing please go to the More button on the listing and then hit the FLAG button on the listing page to warn Trulia and others or email it to Rentalfraud@Trulia.com.
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Mon Jan 19, 2015
pmpalello answered:
How do I get in touch with some one to view one of the properties that is shown?
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Fri Nov 28, 2014
Anna M Brocco answered:
Best areas are all about personal preferences, budgets, wants, needs, lifestyle; therefore consider researching areas of interest on your own, and take the time to visit more than once, then determine where your comfort level can best be reached; don't simply just entertain what other people think or say, another's opinion may not be anywhere near the best thing for you... ... more
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Wed Oct 15, 2014
Terry McCarley answered:
I just checked and this property is no longer available.
0 votes 1 answer Share Flag
Tue Oct 7, 2014
Gary Romeo answered:
I suggest that you open a map view of the area noise could be an issue if it is the area sandwiched between Del Prado Blvd Veterans Memorial Parkway and the city water treatment plant/vehicle parking lot. ... more
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Sat May 10, 2014
Rob Weber answered:
I've financed rehabs before, to remove Chinese Drywall. If you're asking how to finance this type of rehab/repair, this is possible. I don't have enough information in this post to definitively say it's a job that can be done, you may reach out to me if you'd like. My contact info is in my profile (click my picture or name). ... more
0 votes 2 answers Share Flag
Tue Apr 1, 2014
Terry McCarley answered:
You should work with a local real estate professional. Sites such as Trulia and Zillow have tons of out dated data. A real estate professional can provide you with listings from the multiple listing service that fit your search criteria. ... more
0 votes 8 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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0 votes 6 answers Share Flag
Fri Dec 13, 2013
Terry McCarley answered:
What are you wanting to know? You can email me at leecountyrealtor@earthlink.net or call me at 239-707-4575 and I will be more than happy to assist you.
0 votes 1 answer Share Flag
Sat Nov 30, 2013
Celestino Basanez answered:
correction 2526 SE 16th Place
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Mon Nov 25, 2013
Teri Zanella answered:
Cape Coral has one of the lowest crime rates in the State of Florida for a city with a population over 100,000 people. So, a higher crime rate in a specific area is only relative to the overall low crime rates of Cape Coral. In 2010 the city violent crime rate in Cape Coral was lower than the violent crime rate in Florida by 68.28%. . This is a great city to live in! Neighborhood Scout is a very informative website for Crime stats and on a personal note, I can tell you that when I was looking to move to SW Florida, this site helped me decide on Cape Coral as my ultimate goal. ... more
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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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Mon Sep 16, 2013
Madeline Davis answered:
It is a one story home, a ranch. There are no basements. Located on a Gulf access canal. There is a canal behind the home.
0 votes 3 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
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