Being listed as in? does this mean it has to be knocked down and rebuilt, or is there alot of water damage from sandy?

Asked by Laura Idell, Ocean City, NJ Tue Apr 9, 2013

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This question was asked from this property: http://www.trulia.com/property/3114552559-102-E-6th-St-Ocean…

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Jack & Jill…, Agent, Ocean City, NJ
Wed Apr 10, 2013
As you have seen in all the other replies a property listed in "AS IS" means it needs work whether it is from Sandy or other. The MAIN thing when purchasing a property right now whether or not it is "AS IS" condition and received damage or not, is to know the "elevation" of the property. New FEMA guidelines may require the property in the future to be raised. We are staying on top of all flood issues and insurance issues on the islands. We are realtors on the island, plus we reside on one of the shore communities that was affected. This is IMPORTANT when looking at properties to buy or invest. We are also developers in Ocean City, and can advise on building requirements. For more questions on this property or others please call us at 609-602-7140 or email us at jackandjill@kw.com We would be happy to take the time to answer any questions you have or concerns. Also feel free to check out one of our websites to see active listings on the market in Atlantic and Cape May county http://www.jackandjillattheshore.com or http://www.teamocjack.com
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Joanne Berna…, Agent, Northfield, NJ
Wed Apr 10, 2013
I have toured this property. You are correct in that it did sustain a lot of storm flooding and damage. As you can see in the listing photo this home is very close to the ground. In my opinion, with the current FEMA requirements this home will need to be elevated. If not, it may be uninsurable or insurable with very high rates. Being sold "as is" means that the buyer is accepting this property in the condition it is in and is not looking to the seller to provide the usual guarantees of structure soundness and system stability. What you see is what you get. You are assuming all repairs. This home will need to be purchased with cash as banks will not give a mortgage on a home that is uninhabitable.
For the right buyer, tearing this down and building a new building to FEMA regulations may be less expensive in the long run. It is listed at $165,000. The land value is $134,100. The resulting structure will give a better return on your investment too. It should be noted that homes on either side of this one are of the same design and most likely flooded as well.
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Kenneth Fows…, Agent, Ocean City, NJ
Tue Apr 9, 2013
As Is for buyers is in most of our contracts that we use in Ocean City....The contract also states that the property must be free of leaks from the roof and plumbing and all appliances should be in working order. The structure also must be sound. Even if you put a property under contract and the contract says "AS IS", you still have the right to do all nessecary home inspections that include strutural,termite,mold,lead base paint(on older homes)and a full home inspection. If you are not happy with the results, most conttacts will allow you to get out in a certain amount of days ,unless the seller is willing to fix your major concerns. It is really in your best interest to have a very experienced realtor work for you to make sure that you are protected. Be careful buying old homes that are built low to the ground, as the flood insurance after Sandy will go up much more on homes with lower elevations.
Call me if you have any questions on my direct line at 609-412-8258...I have lived in Ocean City many years and I tell it like it is.
Ken Fowser
RE/MAX at the Shore
Kenfowser@comcast.net
http://www.kenfowser.com
0 votes
Robert Bond, Agent, Ocean City, NJ
Tue Apr 9, 2013
Being listed as is simply means the seller isn't willing to have any repairs done prior to settlement or compensate the buyer for repairs. Buyer will be responsible for everything. It doesn't always mean it needs to be knocked down. Please feel free to contact me with any questions. I would be happy to help you search for a home

Robert Bond
RE/MAX OF OCEAN CITY
Office 609-398-7101
Cell 609-289-2916
email robertbond@verizon.net
Home Office Fax 1-866-591-1944
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