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

[Guest guest]

Jeanine,

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

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

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

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

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

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

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

bank.

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

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

inspector doesn't do mold, they are still to report to the buyer all aspects of

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

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

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

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

property and note anything they find out of the ordinary. But they are not

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

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

the

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

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

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

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

disclose

what.

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

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

I

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

foreclosed properties these days that have mold and other undesirable element.

Sharon

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

jeaninem660@... writes:

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

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

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

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

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

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

out of responceablity.

--- In _@ic_ (mailto: )

, " tigerpaw2c " <tigerpaw2c@tig>

wrote:

>

> 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:_

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

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[Guest guest]

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

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

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

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

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

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

out of responceablity.

--- In , " tigerpaw2c " <tigerpaw2c@...>

wrote:

>

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

> Nashville City Paper - Nashville,TN*

> By: By Illyce Glink

>

> Friday, July 18, 2008

>

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

>