What repairs and why as-is?

Asked by ms.marie.lussier, New Jersey Sun Jun 9, 2013

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This question was asked from this property: http://www.trulia.com/property/1077654306-1601-Virginia-Beac…

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4
Andrew Chris…, Agent, Norfolk, VA
Sun Jun 9, 2013
That property is a short sale. That means that the owner of the property owes more to the bank than what the house is worth. In order to sell the house, the bank has to agree to take a loss since the owner will not be able to pay off the mortgage in full when the house sells.

Since the owner owes more on the house than what it's worth, he or she cannot make repairs to the house. And since the bank is already taking a loss, the bank will not be willing to make repairs either. And that's why it's being sold "as is". This is a situation where you have to carefully examine the house, determine what's wrong with it, what it will cost to repair those issues, and then subtract that from what you think the house is worth. At that point, you can make an offer, if you so choose.

This is a good example of buyer beware. Although you can get a good deal with instant equity by purchasing a short sale, you need to know what what to look for so that you know what you're getting. Short sales aren't for everyone.

I hope this helps. I'd be happy to sit down with you to go into further details about the pros and cons of purchasing short sales.

Andrew Christie
Realtor/Investor/CDPE
Certified Distressed Property Expert
Exit Realty Central
Mobile: 757-301-0791
Office: 757-466-1009
Fax: 757-466-3694
andrewnchristie@gmail.com
http://www.andrewnchristie.com
1 vote
Thank you very much for a thorough and honest answer. I am just in the looking stages but would like to call upon you when I am ready. Thank you again.
Flag Sun Jun 9, 2013
Team Ryder, , Virginia Beach, VA
Fri Jun 14, 2013
Sellers' list their home as is for various reasons. Some know of problems (minor, or major) that should be disclosed to the buyer, and they would simply rather get less for their house than repairing them themselves before they sell. However, everything is brought to light throughout the home inspection, and a good realtor re-negotiates the the expense for the repairs. Short sales (I call them long sales) seem like a good deal, but recently the banks have been countering back. It happened with to my partner. They are a long dreadful process, even ones that say they are already approved. Have any questions feel free to text,call, or email.

Dylan Ryder
Team Ryder
Realty Executives Top Producers
316 Office Square Lane
Virginia Beach, VA 23462
Cell: 757-323-6377
Office: 757-323-6377
Fax: 757-321-4374
Email: dylanryder8@gmail.com

Realty Executives Top Producers is licensed to conduct real estate in the Commonwealth of Virginia and the State of North Carolina. The corporate office is located at 316 Office Square, Virginia Beach, VA 23462 and the telephone number is 757.456-9500
0 votes
Carlos Cardo, Agent, Virginia Beach, VA
Mon Jun 10, 2013
As stated, this particular property is a shortsale in which case the owners are not profiting and the bank is most likely taking a loss. The owner doesn't usually have the financial resources to make repairs. People have the tendency to think the home is in need of major repairs, sometimes it does and sometimes it does not.

This home is currently under contract, but the best thing to do is to contact a REALTOR, get together to scour the MLS, then tour the selected homes together.

For more information on short-sales and listings please visit my site: http://www.CarlosCardo.com
or if you are driving around please download my FREE APP. Having a Buyer's Rep is important.

USING YOUR SMARTPHONE?- Just go to your APP store and type in:
REAL ESTATE HAMPTON ROADS - Look for the big RE/MAX Balloon and download.

Happy House Hunting!

Sincerely your Professional Homebuyer's Rep,

Carlos A Cardo – Assoc Broker, RE/MAX Alliance
CRS, ABR, GRI, CSP, SRES, CNHS, RCC, CDPE, e-PRO
Direct: 757-971-3574 Toll Free: 866-971-3574 FAX: 757-282-6717
Website: http://www.CarlosCardo.com Email: Carlos@CarlosCardo.com
Licensed in Virginia
Don't forget to download my free app:
Real Estate Hampton Roads
Web Reference:  http://www.CarlosCardo.com
0 votes
Anthony Alle…, Agent, Newport News, VA
Sun Jun 9, 2013
The MLS does not disclose any particulars. It does not appear to need anything major. Would you like to tour this property and see for yourself just what it may or may not need?

Best Regards;
Anthony Alleva, CSSA
Certified Short Sale Agent
REO REALTOR®
License #0225-205922
Allison James Estates & Homes
601 Dinwiddie Street
Portsmouth, VA 23704
Cell: (757) 768-9412
Fax: (800) 215-0211
Email: info@anthonyalleva.com
Website: http://www.AnthonyAlleva.com
0 votes
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