What does it mean when a listing says....?

Asked by Brody Harris, Atlanta, GA Wed Mar 19, 2008

What does it mean when a listing says "as is sale-no termite/disclosure. "

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Deborah Madey, Agent, Brick, NJ
Wed Mar 19, 2008
It means the seller will not do any repairs or correct any defects. A buyer can still do inspections, but the seller is not going to take any corrective action as a result of any information revealed in a report. The property is being sold, "as-is" and up to the buyer.

The seller is also not providing any disclosure information about the property. Sellers are resposible for disclosing info known on a property. This seller is saying they lack the knowledge of the history of the property to provide such disclosures.

The most common reason we see properties for sale "as-is" with "no disclosures" is bank owned properties that were taken back by the bank in a foreclosure or an estate. The heirs to an estate may not be local, and may be able to provide info about the property. There can be other reasons for "as-is" and "no disclsoure avaialable" but these are two of the most common.
3 votes
Joshua Jarvis, Agent, Duluth, GA
Wed Mar 19, 2008
Even though Deborah is in NJ where Real Estate is COMPLETELY different than Georgia, her answer is in line with exactly what I would have told you.

It's important to repeat it, you can do your own due diligence but the seller is saying they won't do anything to correct the problems you find.
2 votes
L. Ann Mitch…, , Snellville - and surrounding areas
Wed Mar 26, 2008
It means "BUYER BEWARE" in my opinion,.They are not interested in fixing anything in the home which can cost you money in the long run. If you do purchase a property with this disclosure DO NOT buy until you have an inspection done on it first before putting an offer in on it. You need to know upfront what you are or are not investing in.
1 vote
Melissa Morg…, Agent, Atlanta, GA
Thu Mar 20, 2008
Aimee,  It means this:  No Disclosure: The seller is not in a position to "disclose" facts or details about the condition or history of the property.  Seen mostly in foreclosure-related properties, but can also be seen with estate homes, or other homes that are being sold for the lot.  "As-Is": The seller is not interested in making the repairs to the house to bring it up to par with a comparable property.  This description is also mostly related to foreclosures, but the elderly are also selling their homes with this attached if their home needs updating or something.   "No Termite Letter" is also not uncommon.  In 2008 in the State of Georgia, the onus is now on the buyer (their lender) to protect themselves from termites through a termite bond and letter.  It's also normal to see in foreclosures.  "Buyer Beware" is your first thought, but be prepared to take it a step further in order to understand why a home is being sold "AS-IS" "No Disclosure" and the like . . . If you're thinking of buying, don't forget that Buyer Representation doesn't cost you a thing.
1 vote
Kathie Newton, , Cobb, Cherokee, & North Fulton
Wed Mar 26, 2008
This means that the house is sold without any repairs being done by the seller, Also the seller is not providing a termite inspection (which is now the responsibility of the buyer, anyway), or a Seller disclosure statement (which is a 3 page form that answers questions about the house). Often this kind of property is a distress sale, estate sale or Bank owned property. Feel free to call me with any questions.
Kathie Newton
Prudential Georgia Realty
0 votes
Melinda J. R…, Agent, Grand Rapids, MI
Wed Mar 26, 2008
Aimee, I am guessing this is a bank foreclosure. They do not have to disclose anything because they do not know anything regarding the property as they have never lived in it. Banks like to sell as is. I highly suggest buyers to have a good private inspector especially on a foreclosure. That private inspector is giving you missing puzzle pieces to help you determine if the property is worth it or not to you to move forward.

I once had a buyer who was going to buy a $60,000 property that was in need of $35,000 in necessary immediate repairs. This is what she found out from her inspector. She walked away. She was out the inspection money, but at least did not get herself in a financial disaster!

I hope this information helps!! Best Wishes!
Web Reference:  http://www.gomelinda.com/
0 votes
Natascha Katz, Agent, Alpharetta, GA
Tue Mar 25, 2008
You get no history of the home, cannot purchase with right to have an inspection and basically purchase just like it is, defects and all. BE CAREFUL!

Steven & Tascha Katz-Associate Brokers
"Your Purrfect Real Estate Partners'
RE/MAX Greater Atlanta
Web Reference:  http://www.purrfecthome.com
0 votes
Malcolm Boar…, Agent, Emerald Isle, NC
Thu Mar 20, 2008
The short, but best answer to your question is "BUYER BEWARE". This also indicates that you need a great buyer's agent to assist you with the process to insure that you are not about to buy a lot of problems.

Malcolm Boartfield, ABR
Fine Home Specialist
Prudential Georgia Realty
Web Reference:  http://www.buycobbhomes.com
0 votes
Pam Winterba…, Agent, Danville, VA
Wed Mar 19, 2008
It means there are no disclosures or inspections and the seller wants to sell it in it's present condition "as is".

Buyer beware and agent be careful!
0 votes
Lee Taylor, Agent, Decatur, GA
Wed Mar 19, 2008
It's probably a "quit claim deed transfer of title" or a carefully crafted by the seller's attorney "limited warranty transfer of title."

It means that you need to be circumspect and duly diligent.

It means you need to have the ability to get out of the agreement if you need to do so.
0 votes
Michael Lano…, , 30052
Wed Mar 19, 2008
Hi Aimee,

The typical "As-Is" or no disclosure sale is a result of a foreclosure that has become an REO property. As such, the owner of record has never physically occupied the house, nor do they have any history of the condition or maintenance of the property. Hence, they cannot provide a disclosure revealing the condition of the property.

"As-Is" does not automatically refer to the seller's willingness to perform repairs. In some cases they are willing to negotiate reasonable requests if the buyer has made an offer that is close to perceived market value.

"No Termite" is self explanatory- and please note that a clear termite letter is no longer a manadtory requirement to fund a loan in Georgia.

All of this information is based on my experience in the REO market in the metro Atlanta area. Deborah's observations may differ due to the laws and customs in NJ.
0 votes
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