Home Buying in Fairfax>Question Details

johannamrstr…, Home Buyer in Centreville, VA

we have a contract on our "as is" house, whay should I look for,etc

Asked by johannamrstreez, Centreville, VA Wed Jul 17, 2013

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Answers

8
Based on the fact that they are asking the "what should I look for" question on July 17 (over a week ago) I wonder if they even put an inspection "Contingency" in the contract, if so the time may have already past for them to do much.

Thus, beyond stating the obvious GET AN INSPECTION (which they hopefully have already done --if they are the purchaser) they really need to have a professional review their contract. Yet, they have not told us if they are even working with a Realtor.

Johanna, can you fill us in with any more information?
0 votes Thank Flag Link Fri Jul 26, 2013
Exactly as others stated, get an inspection. Don't expect the seller to fix a thing... take a look at what inspector digs up and decide from there if it is worth moving forward
0 votes Thank Flag Link Fri Jul 26, 2013
So you are working without a Buyer's Agent, because the Seller didn't want to pay any commissions:
First of all; are you paying at least 10% under the Market Value?
Do you know what Market Value is?
Did you protect yourself completely in the Purchase Agreement?
Are you trusting the Seller that everything is going to be alright?
Did you include Contingencies for the Loan, the Appraisal and the Inspections?
You are doing Inspections, right?
There is a lot more to know, but we're out of time.
0 votes Thank Flag Link Thu Jul 25, 2013
Ron, What market value are you referring to: Virginia or California? Assessed value by county? Appraised value? List price?
Flag Tue Feb 25, 2014
I think your answer is stronger than the original "poster's" question, but how did you conclude if they are the Buyer? or the Seller?
Flag Thu Jul 25, 2013
John,

You are not clearly identifying if you are the Contract Purchaser, with a fully ratified Sales Contract or if you are the Seller, with a fully ratified Sales Contract.

But, you have disclosed that it is a house (residential) and you appear to be in Centreville, VA so you would be subject to the Virginia laws when it comes to a sale.

As either party in the transaction your contract must include a "Residential Property Disclosure Form" (except for some rare cases.) If it was constructed before 1978 there must also be a "Lead Based Paint Disclosure form." If it is in a HOA or Condo the seller has to provide a Resale Disclosure Package.

A Seller must be truthful to the best of their knowledge on all these matters or be subject to the severe potential consequences. If you would like to know more please contact me:

Gregory F. Scheihing
Associate Broker
NAR - Green Designation
RE/MAX "Hall of Fame" award recipient
Direct: 703-938-1548
RE/MAX Xecutex
2911 Hunter Mill Rd. #101
Oakton, VA 22124
0 votes Thank Flag Link Thu Jul 25, 2013
I recommend you review your options with your Realtor. If you are selling on your own (FISBO) I caution not take enter into negotiations without a complete review.
0 votes Thank Flag Link Thu Jul 18, 2013
You really need a home inspector to do the inspection for you. The $300 you spend on it could save you tens of thousands of dollars if it turns out its a house you shouldn't buy. If you used a Virginia contract and home inspection clause and the verbiage is correct you should have the opportunity to cancel the contract if you don't like what your inspector finds. "As is" should really mean that the seller will not fix anything but that you still get the opportunity to inspect what you are buying and cancel the contract if you don't like what you find. What normally happens is that if something big shows up, you renegotiate the price or get the seller to agree to fix it. Depending on the scenario, renovation loans are also an option where you can include all the costs of repairs and renovations in with the loan. There are certain minimum standards the home will have to meet in order to get a loan approved for it. If it doesn't meet those minimums, you or the seller will have to make the repairs before closing (I don't recommend you sink money into a house you don't own) or you use a renovation loan to purchase it. You can learn more at http://www.makeoveragent.com and can always email me if you have questions about how to take advantage of a reno loan.
0 votes Thank Flag Link Wed Jul 17, 2013
This is a question you should direct to your agent.
Your agent has seen the "As Is" contract you signed as well as the contingencies included.
-
"our 'as is' home" implies you are the seller? Are you the buyer or the seller?
What happens next hinges on knowing if you are the buyer or the seller.
One will be writing checks the other developing strategies.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Jul 17, 2013
Look for an Inspector.
Look for a clause in your Contract that allows you to back out if he finds a lot wrong.
Look at the Seller's DISCLOSURES.
Compare the Disclosures to the Inspection and see if the Seller lied.
Look for a Realtor to help you next time you buy a house.
0 votes Thank Flag Link Wed Jul 17, 2013
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