Re[2]: Re: Real estate matters: Buying 'as is' means 'as is'

[Guest guest]

Since the banks do have their own inspectors, I think that they should

be held accountable for undisclosed mold or other things.

Barth

sac> Jeanine,

sac> The article is correct as I understand it. And this is a good one that

you

sac> bring up with all the foreclosures out there. People need to use extra

care

sac> when purchasing a foreclosure property owned by a bank. The term " as is "

does

sac> not release a seller from disclosing what they know of the condition of a

sac> property. But a bank has never lived in the property and can't disclose

what

sac> they don't know. With foreclosures, the real estate broker listing the

property

sac> most likely does not know anyone who lived in it prior. Her client is the

sac> bank.

sac> Home inspectors will have disclaimers on their reports that they don't do

sac> mold or termite inspections. It is a tricky disclaimer. Just because a

home

sac> inspector doesn't do mold, they are still to report to the buyer all

aspects of

sac> the property condition that might make it undesirable. If the suspect mold

sac> they should write it in their report and call for a secondary inspection.

But

sac> if they miss mold (or termites), then they have their disclaimer to fall

sac> back on....not my job. The buyer's agent should do a visual inspection of

the

sac> property and note anything they find out of the ordinary. But they are

not

sac> qualified to write " I think the house has mold. " What they would write is

sac> " musty smell in living room " . Anymore than that, and they have over

stepped the

sac> bounds of what they are licensed to do. However, if they do detect a musty

sac> smell in living room, then they should advise the buyer to have a

secondary

sac> inspection. But they are not obligated or qualified to determine what

sac> inspections need to be done. So again, a gray area of who is responsible

to disclose

sac> what.

sac> There is no way I would buy a foreclosed property without doing some due

sac> diligence myself of trying to find out what happened to the prior owners.

And I

sac> bet there are a lot of people who are getting stuck holding the bag for

sac> foreclosed properties these days that have mold and other undesirable

element.

sac> Sharon

sac> In a message dated 7/18/2008 2:00:05 P.M. Pacific Daylight Time,

sac> jeaninem660@... writes:

sac> I dont know if I would be fallin for all that. U'd be looking up the

sac> previous owners and talking to them. no. 1 why would the previous

sac> ownews bother to try to cover up the problem with paint when they

sac> were getting forclosed on? no.2 if they got forclosed on because of

sac> illness from the exposure you can bet the forclosee's knew exactually

sac> what they had on their hands and saleing as is is a way to try to get

sac> out of responceablity.

sac>

>>

>> Real estate matters: Buying 'as is' means 'as is'

>> Nashville City Paper - Nashville,TN*

>> By: By Illyce Glink

>>

>> Friday, July 18, 2008

>>

>> _http://www.nashvillhttp://www.http://wwhttp://www.nashttp:_

sac> (http://www.nashvillecitypaper.com/news.php?viewStory=61516)

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