Buying “as is” bank-owned property – thoughts?

[SD Realtor]

Dharma – Ditto what Rustico said. Any REO purchase will not happen without a complete liability release from the lender. No disclosures, no repairs, nothing… The lender wants to simply get rid of the home and because the lender has never lived in the house, it makes sense that there should be no liability incurred on the lenders part. The liability release documents are pretty daunting but you do have your contingency period to get all of your due diligence done. If you want to call a hygenist to hang spore traps then by all means you can do that. As a side note it would not surprise me if just as many resale homes that are NOT REO have the same results as REO for spore sample testing. That is another subject for another post.

The bottom line is that REO properties are a deal for a reason and this is one of them. As Rus said, due your homework, get your physical inspection done, get any other inspections that you or your inspector or your realtor recommends, and if it still is a go then pull the trigger, if not then consider it money well spent and move on.

SD Realtor

[dharmagirl]

Thanks, SDR and Rustico. We will be sure to inspect and re-inspect!

SDR, I appreciate your concise explanation of the lender liability documents. My realtor didnt explain it very clearly.

I hope this will work out!

[dharmagirl]

Thanks, SDR and Rustico. We will be sure to inspect and re-inspect!

SDR, I appreciate your concise explanation of the lender liability documents. My realtor didnt explain it very clearly.

I hope this will work out!

[dharmagirl]

Thanks, SDR and Rustico. We will be sure to inspect and re-inspect!

SDR, I appreciate your concise explanation of the lender liability documents. My realtor didnt explain it very clearly.

I hope this will work out!

[dharmagirl]

Thanks, SDR and Rustico. We will be sure to inspect and re-inspect!

SDR, I appreciate your concise explanation of the lender liability documents. My realtor didnt explain it very clearly.

I hope this will work out!

[dharmagirl]

Thanks, SDR and Rustico. We will be sure to inspect and re-inspect!

SDR, I appreciate your concise explanation of the lender liability documents. My realtor didnt explain it very clearly.

I hope this will work out!

[SD Realtor]

The liability docs can be pretty darn scary. I have even seen some liability release docs that kind of well… don’t really make sense… For example, they may go so far to state that the lender who now owns the property shall not be liable for being able to produce a clean title to the property! Well that doesn’t make to much sense because if they cannot produce a clean title then you cannot get financing. Kind of like a chicken/egg story right? Anyways that same document may go on to say, if I may paraphrase, well if we cannot produce a clean title then we are not liable but you do get your deposit back… so there is some acknowledgement there at the very least. So basically have your realtor really look over the entire liability release with you and if he/she is a bit unsure then ask him/her if you can sit down with thier broker. Those docs are pretty much filled with lawyers speak but in the end after you filter out all of the heretofore and mumbo jumbo it is pretty understandable.

SD Realtor

[SD Realtor]

The liability docs can be pretty darn scary. I have even seen some liability release docs that kind of well… don’t really make sense… For example, they may go so far to state that the lender who now owns the property shall not be liable for being able to produce a clean title to the property! Well that doesn’t make to much sense because if they cannot produce a clean title then you cannot get financing. Kind of like a chicken/egg story right? Anyways that same document may go on to say, if I may paraphrase, well if we cannot produce a clean title then we are not liable but you do get your deposit back… so there is some acknowledgement there at the very least. So basically have your realtor really look over the entire liability release with you and if he/she is a bit unsure then ask him/her if you can sit down with thier broker. Those docs are pretty much filled with lawyers speak but in the end after you filter out all of the heretofore and mumbo jumbo it is pretty understandable.

SD Realtor

[SD Realtor]

The liability docs can be pretty darn scary. I have even seen some liability release docs that kind of well… don’t really make sense… For example, they may go so far to state that the lender who now owns the property shall not be liable for being able to produce a clean title to the property! Well that doesn’t make to much sense because if they cannot produce a clean title then you cannot get financing. Kind of like a chicken/egg story right? Anyways that same document may go on to say, if I may paraphrase, well if we cannot produce a clean title then we are not liable but you do get your deposit back… so there is some acknowledgement there at the very least. So basically have your realtor really look over the entire liability release with you and if he/she is a bit unsure then ask him/her if you can sit down with thier broker. Those docs are pretty much filled with lawyers speak but in the end after you filter out all of the heretofore and mumbo jumbo it is pretty understandable.

SD Realtor

[SD Realtor]

The liability docs can be pretty darn scary. I have even seen some liability release docs that kind of well… don’t really make sense… For example, they may go so far to state that the lender who now owns the property shall not be liable for being able to produce a clean title to the property! Well that doesn’t make to much sense because if they cannot produce a clean title then you cannot get financing. Kind of like a chicken/egg story right? Anyways that same document may go on to say, if I may paraphrase, well if we cannot produce a clean title then we are not liable but you do get your deposit back… so there is some acknowledgement there at the very least. So basically have your realtor really look over the entire liability release with you and if he/she is a bit unsure then ask him/her if you can sit down with thier broker. Those docs are pretty much filled with lawyers speak but in the end after you filter out all of the heretofore and mumbo jumbo it is pretty understandable.

SD Realtor

[SD Realtor]

The liability docs can be pretty darn scary. I have even seen some liability release docs that kind of well… don’t really make sense… For example, they may go so far to state that the lender who now owns the property shall not be liable for being able to produce a clean title to the property! Well that doesn’t make to much sense because if they cannot produce a clean title then you cannot get financing. Kind of like a chicken/egg story right? Anyways that same document may go on to say, if I may paraphrase, well if we cannot produce a clean title then we are not liable but you do get your deposit back… so there is some acknowledgement there at the very least. So basically have your realtor really look over the entire liability release with you and if he/she is a bit unsure then ask him/her if you can sit down with thier broker. Those docs are pretty much filled with lawyers speak but in the end after you filter out all of the heretofore and mumbo jumbo it is pretty understandable.

SD Realtor

[XBoxBoy]

Can I add a cautionary tale?

My wife and I moved into a house about two years ago that was very nice. It was an older house, but had been remodeled down to the studs a couple years before we moved in. It was on the side of Mt. Soledad, and everything appeared to be in good shape. Shortly after moving in, my wife started to have trouble breathing. Also in the middle of the night she would wake with lots of pain in her chest. After several more months and many many doctor visits, someone suggested to us that maybe there was mold in the house. It seemed odd, since the house was in good shape and there weren’t any water marks on the walls or leaks in the roof. Just to check things out, I crawled under the house, and sure enough under our bedroom there was a good bit of mold growing.

Fortunately, we didn’t own the house, but were renting. My wife spent the next month and a half with friends or living in hotel rooms, while we moved. It took months to recover from this episode, and boy was it a pain.

So what’s my point? Forget what the disclose says, forget advice that unless the house is in a swamp you don’t need to worry. Forget whether the house is new or old, REO or regular purchase. GET A MOLD INSPECTION! They aren’t that expensive and the cost of getting mold fixed can be huge, and I’m not even counting all the doctor bills or the inconvenience and disruption to your family. But definitely get a mold inspection. Just as I would never buy a house without a regular inspection, I would never buy a house without a mold inspection.

XBoxBoy

[XBoxBoy]

Can I add a cautionary tale?

My wife and I moved into a house about two years ago that was very nice. It was an older house, but had been remodeled down to the studs a couple years before we moved in. It was on the side of Mt. Soledad, and everything appeared to be in good shape. Shortly after moving in, my wife started to have trouble breathing. Also in the middle of the night she would wake with lots of pain in her chest. After several more months and many many doctor visits, someone suggested to us that maybe there was mold in the house. It seemed odd, since the house was in good shape and there weren’t any water marks on the walls or leaks in the roof. Just to check things out, I crawled under the house, and sure enough under our bedroom there was a good bit of mold growing.

Fortunately, we didn’t own the house, but were renting. My wife spent the next month and a half with friends or living in hotel rooms, while we moved. It took months to recover from this episode, and boy was it a pain.

So what’s my point? Forget what the disclose says, forget advice that unless the house is in a swamp you don’t need to worry. Forget whether the house is new or old, REO or regular purchase. GET A MOLD INSPECTION! They aren’t that expensive and the cost of getting mold fixed can be huge, and I’m not even counting all the doctor bills or the inconvenience and disruption to your family. But definitely get a mold inspection. Just as I would never buy a house without a regular inspection, I would never buy a house without a mold inspection.

XBoxBoy

[XBoxBoy]

Can I add a cautionary tale?

My wife and I moved into a house about two years ago that was very nice. It was an older house, but had been remodeled down to the studs a couple years before we moved in. It was on the side of Mt. Soledad, and everything appeared to be in good shape. Shortly after moving in, my wife started to have trouble breathing. Also in the middle of the night she would wake with lots of pain in her chest. After several more months and many many doctor visits, someone suggested to us that maybe there was mold in the house. It seemed odd, since the house was in good shape and there weren’t any water marks on the walls or leaks in the roof. Just to check things out, I crawled under the house, and sure enough under our bedroom there was a good bit of mold growing.

Fortunately, we didn’t own the house, but were renting. My wife spent the next month and a half with friends or living in hotel rooms, while we moved. It took months to recover from this episode, and boy was it a pain.

So what’s my point? Forget what the disclose says, forget advice that unless the house is in a swamp you don’t need to worry. Forget whether the house is new or old, REO or regular purchase. GET A MOLD INSPECTION! They aren’t that expensive and the cost of getting mold fixed can be huge, and I’m not even counting all the doctor bills or the inconvenience and disruption to your family. But definitely get a mold inspection. Just as I would never buy a house without a regular inspection, I would never buy a house without a mold inspection.

XBoxBoy

[XBoxBoy]

Can I add a cautionary tale?

My wife and I moved into a house about two years ago that was very nice. It was an older house, but had been remodeled down to the studs a couple years before we moved in. It was on the side of Mt. Soledad, and everything appeared to be in good shape. Shortly after moving in, my wife started to have trouble breathing. Also in the middle of the night she would wake with lots of pain in her chest. After several more months and many many doctor visits, someone suggested to us that maybe there was mold in the house. It seemed odd, since the house was in good shape and there weren’t any water marks on the walls or leaks in the roof. Just to check things out, I crawled under the house, and sure enough under our bedroom there was a good bit of mold growing.

Fortunately, we didn’t own the house, but were renting. My wife spent the next month and a half with friends or living in hotel rooms, while we moved. It took months to recover from this episode, and boy was it a pain.

So what’s my point? Forget what the disclose says, forget advice that unless the house is in a swamp you don’t need to worry. Forget whether the house is new or old, REO or regular purchase. GET A MOLD INSPECTION! They aren’t that expensive and the cost of getting mold fixed can be huge, and I’m not even counting all the doctor bills or the inconvenience and disruption to your family. But definitely get a mold inspection. Just as I would never buy a house without a regular inspection, I would never buy a house without a mold inspection.

XBoxBoy

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