An equity sale is simply a sale where the seller has equity....standard, flipper, probate, relocation, can all be equity sales. Sounds like you are talking about a flipper, or investor sale. They can give you a disclosure which states that they have never lived in the home and are not making disclosures....but they do have an obligation to disclose what they do know about. But by stating they have not lived in the home, they are letting you know they do not have back knowledge of items a normal seller would.
The short sale property you offered on almost a year ago, did it NOT go through?
If this particular property was purchased at an auction & now it's on the market the only thing the listing may just reflect that it's a "FLIP" property. You can search the MLS just like I do at my web link below, let me know if you need any help.
Realtor Since 1996
Main Street Realtors
Coldwell Banker, Beachside
Great question. A standard sale and an equity sale are actually the same thing. The meaning of an equity sale is that the homeowner has equity in the home, so it's not a short sale or foreclosure. You will see the term equity sale more and more because it can be desirable to buyers to see that the seller has equity. As for disclosures, the sellers are supposed to disclose as much as they know about the property. Of course a qualified home inspection is important in a real estate transaction too!
If you have any other questions please feel free to contact me on my cell/text or website - have a great day!
Equity sale and standard sale are exactly the same--just 2 different words for the same thing. Sellers always have to disclose what they know, but if the sellers are an investment group and have never lived in the property, they don't really know anything about the property so they can't really disclose anything about the property. They do have to disclose natural hazards and information about lead paint, smoke detectors and water heaters.The key thing for anyone buying a property like this is to have a really good professional home inspection done.
Hope this helps and good luck!
Roz Essner, Realtor
RE/MAX Select One
Standard and Equity sales are the same thing - there is now equity in the property. The investors bought the property below market value and therefore have equity in this home. As far as any disclosures - the standard disclosures that sellers have to provide to buyers won't be included since these sellers never lived in the home, they are unaware of any conditions prior to their purchasing the home.
I advise every buyer to get a 3rd party professional physical inspection, regardless of type of sale. As your agent, I would include the Termite Report, Natural Hazard Report and a clean Title Report to be supplied by the seller. Make sure that you are satisfied with the condition of the propery at time of purchase and that you like the neighborhood and surrounding areas too. I work with a lot of investors and the buyers of these homes after purchase from auction, so am very aware of what to ask for, what will not be included in the sale and what to look for
Let me know if I can help you with this home.
Cyndi Mino - 714-349-2424
I list properties for just such a group of investors and have sold well over 100 in the last 3 years.
However, in this case, the sellers have never lived in the home so their first-hand knowledge of the property will be very limited. They would likely disclose something to the effect of "sellers have never occupied the property."
You're always advised to obtain a home inspection and natural hazard disclosure (NHD) report regardless of the type of sale.
Do you have a Realtor? If not, I'd be glad to help!
Nicole, (714) 814-5311
Basically a standard sale or equity sale is what you would ordinarily think of when someone sells a house. If there is a mortgage on the home, the bank would be paid off, and the seller would keep the reminder of the purchase price as their profit.
I'm not sure what question you are asking with regards to disclosure. The seller should disclose any material defects they are aware of in the property and anything that might effect value as well as any repairs and or improvements of which they are aware. The problem is that in this situation, that knowledge is likely to be very limited.
I recommend that all buyers get a third party inspection done. This is especially important where the seller is unlikely to know the history of the house because they just purchased it at auction and have never lived in it.
If you have any more questions about this, you can reach me at christine(at)donovanblatt(dot)com.
Standard Sale & Equity Sale are really the same. The property has equity where the owner is going to make a gain. If the "investment group" purchased the property well below market, remodeled it and is selling at the current "market" price (or just above), they are going to make a profit in the sale.
I hope this helps you!
Let me know if I can be of any service to you in your search.
B.S., CRS, GRI, SFR, SRES
Theowners are very limited in what they have to disclose because they never lived in the home.
I always suggest to my buyers to get a Natural Hazard Report, Home Inspection and Termite Report.