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Asked by theBIGstep, Prince William County, VA Thu Feb 26, 2009

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3
theBIGstep, Home Buyer, Prince William County, VA
Sat Feb 28, 2009
Gene,

I couldn't agree with you more about having and agent who knows what they are dealing with. Our agent is a great agent however he completely treated the selling of a foreclosure as a regular sale. It was never presented to us that A) contientcys - although in the contract - don't matter becuase the bank doesn't care B) That the home inspection could say your house is falling down and you are still legally bound to the contract and C) although we were informed the property was "as is" it was presented "as is" meant cosmetic issues only. I am sadden that continually I feel misinformed so I have resorted to getting my own info and asks tons of questions.
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Sat Feb 28, 2009
Previous poster is dead on. You DO have an agent, right? Oh, God, I hope so. That's who you should be asking, but since you're not, then maybe the blog referenced below will help you.

The bottom line, however, is that you want this property in condition you think is acceptable for the agreed upon price. The bank doesn't care what you want. They just want to sell, and if not to you, then to someone else. Some will do some repairs, none that I know of will do any inspections - that is entirely up to you. So, call your plumber. From there, you decide to take it or leave it.
0 votes
Luisa Rodrig…, Agent, Woodbridge, VA
Thu Feb 26, 2009
First of all, I do hope that you are working with a buyers agent that is helping and advicing you through this process. As far as your question is concerned, you need to check your contract to see if "as is" is as of the contract date, the home inspection, or the settlement date. Hopefully, it is one of the first two. You also need to read any addendums you signed carefully to see how the seller views "as is". If the problem began after the contract date or the home inspection, then yes, the bank "should" fix it. That doesn't mean that they will and you can either choose to walk away or accept it as is or seek a real estate attorney to advice you of your rights per the contract. If the problem was there the day you saw thehome for the first time, then the chances of the seller actually repairing it or hiring a plumber are pretty slim. And no, the bank doesn't need to repair the plumbing or heating in order to sell because there are plenty of investors out there who will take it in such condition and pay cash and then fix it themselves. There are times when the bank may repair a problem--because they don't want to re-market the property again--but there are many times when they will hold their ground and not fix anything. The addendums are usually worded to protect their interests and not yours--so read those carefully. Good luck!!
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