SOLD AS IS is a four letter word

By
Real Estate Agent with HTT Realty

"Sold As Is"

I have a deal falling apart right now because of that four letter word "Sold As Is" I represent the Buyer and the Seller is a bank. An REO of course; what else in Colorado. Anyway buyer is getting down payment asistance from organization requiring strict inspection guide lines. Bank offered help with closing costs and bonus and would rather loose the deal than fix a broken window and a small plumbing issue. Our offer was above asking price and we did not ask for the concessions. Great net for the bank. The home is in an area suffering tons of foreclosures and a decrease in property values my at least 75,000.00 in the last 2 years. In this market with tons of inventory and few qualified buyers Should each deal not get a little human touch? I remember when HUD provided a buyer with a new refrig. All we are asking for is a window and a little water to keep an almost done deal alive... what is a buyer to do?

Comments (5)

Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Banks don't care about plumbing issues and windows - they won't do a thing. In a case like this an agent might have to handle the repairs if that is what it takes to get the deal done-- if it can be allowed. Just my 2 cents.
Apr 17, 2008 04:14 PM
Ron Parise
LocateHomes.com - Cape Coral, FL

I would work to get the banks ok for my buyer (or their contractor) to enter the property and fix it themselves and call for a new inspection.

Apr 17, 2008 04:15 PM
Doreen McPherson
Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ
Phoenix Arizona Real Estate ~
Susan, you've got me concerned here.  I am going to send you an email...
Apr 17, 2008 04:20 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,GRI,SRES, Brea,CA, Orange Co

Hi there,

First, don't give up on this! Can you hold funds outside of escrow to pay these items at closing? Then just have then done? Personally, I wouldn't loose a transaction over a couple of handyman items.

BTW, I've seen lenders to dumber things that this and loose a buyer.

Apr 17, 2008 04:33 PM
STACEY KING
Wells Fargo Home Mortgage - Aurora, CO

Hi Susan,

I know I am commenting late on this one, but if you come across this in the future again, there are some down payment assistance companies I work with that do not have nearly as strict of guidelines as some of the other ones. Also, we have renovation financing that might help if the home had more than the "handyman" items that needed to be addressed. I hope this helps for a future deal you may have. Please let me know if you have specific questions.

Jun 16, 2008 04:30 PM