can the bank legally sell a home in which the electric wiring has all been cut and stolen ? Is this allowable under the 'as is' clause ?

Asked by Heartless1954, Tonopah, AZ Wed Sep 14, 2011

we viewed a home that had the wiring to the electric meter, the water pump and the air conditioner all cut and removed. Does this still mean it can be considered 'as is', even though the wires were cut after the photos were taken and posted ? Would this house have to pass the electrical inspection again ?

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Jason Mueller, Agent, Carbondale, IL
Wed Sep 14, 2011
BEST ANSWER
Yes, The bank can sell this home in its current condition however you can always perform a home inspection on any home that you are going to purchase. The bank may or may not do anything about the situation but at least you will know what you are getting yourself into. I work with a lot of investors & they will make a all cash offer with no contingencies & the banks love these types of offers because they know they do not have any inspections or financing contingencies to deal with & investors love these types of homes because they can get them at a rock bottom low price.
1 vote
Do you mean that if the wiring has been riped out we can offer a lower bid than what they were asking for and the banks could very well take it?
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Doug McVinua, Agent, Gilbert, AZ
Thu Sep 15, 2011
In my experience the bank can legally sell a property with missing wiring etc in Arizona.

The buyer may not be able to get financing and or live it in after close but that still does not prevent it from being sold to the right buyer.

Arizona Homes for Sale by a Guy from Iowa
Web Reference:  http://www.McVinua.com
1 vote
Ann Howell, Agent, Prescott, AZ
Thu Sep 15, 2011
I like that Shane pointed out that there may be local regulations on transfer of properties.

In general, however, any property can transfer 'as is' as long as the buyer accepts that and it clears title. The catch is that not all lenders will loan on a property in this condition. So it may be 'transferrable" but not "financeable" – a big difference.

There are loan programs out there that will allow you to borrow the amount that is needed to fix up a home, but they too have their tolerance for the shape of the home.

The bank will establish their individual strategies on how a home is put on the market. Some banks do a great job rehabbing homes before they go on the market; others sell them in substantially the same condition in which they received them at foreclosure.

The Key is for you to decide your tolerance level for a fixer upper and if you can pay cash to do so. If you are financing the home, move on to a property that is “financeable”. Keep your budget in mind, and search for homes at or below your budget that do not need a substantial amount of repair.
Web Reference:  http://www.ProsperAZ.com
1 vote
Maria Morton, Agent, Kansas City, MO
Wed Sep 14, 2011
Missing wiring, plumbing, HVAC, toilets, sinks, light fixtures and walls are not unusual in bank owned homes. The banks don't take care of their properties and they take too long to make appropriate price reductions. Make sure you're working with an agent who has experience with these kinds of properties and ask for their best advice and opinion.
1 vote
, ,
Wed Sep 14, 2011
Unless Tonopah has an electrical inspection requirement before a home is sold, then "as is" pretty much always means you are buying it as it is, based on your own personal inspection, not what it is listed in the photos online, etc. So if the home had a car crash into it after the photos were taken, then half of the home caved in, that is still "as is". Probably will have to readjust the listing price though. Do you know for certain that a home has to pass an electrical inspection in order to sell it in Tonopah?
1 vote
Brad Bergami…, Agent, Prescott, AZ
Mon Sep 19, 2011
Sure, You can legally buy it also.. welcome to a free market.
You might need to find out what it takes to "Occupy" the home through county or city governance.
Web Reference:  http://bradbergamini.com
0 votes
Matt Hiatt, Agent, Phoenix, AZ
Thu Sep 15, 2011
I have sold in Tonopah for that past 15 years, and unfortunately, that is a common occurance in a vacant home, Yes, the bank can sell it as is. I had one home out there where they took everything out of the home, including the bathtub, sinks..eveything. As far as the condition of the home, it depends on when you write the contract as to what is there. I take pictures as proof. Then if something comes missing, you can ask the bank to replace it or cancel the contract.
0 votes
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