What you see is what you get ...
Letter to the Editor
By Inman News, Thursday, March 18, 2010.Re: 'Beware when buying "as is" ' (March 17)
Dear Editor:
First off, what part of "as is" is hard to understand? I understand a lot of words and phrases have different meanings throughout our nation, but please.
Also, a home inspector's (job) is to determine the condition of the house that is not apparent, readily visible or obvious. Rotted wood on a deck, which presumably the buyers walked on, should be obvious, apparent and readily visible.
Also, the writer forgot the most important people in this deal: the buyers and their appraiser.
Realtors are not home inspectors, but as the push to blame someone else for the buyers' neglect continues, we have to begin pointing out the apparent, readily visible and obvious, and then strongly recommending a professional home inspector.
Also, I seem to remember a (columnist) article at Inman recommending the seller get a home inspection and pest report to know the current status of their property. If the buyer wishes to use (only) this as a reason to purchase, then shame and legal responsibility falls on the buyer.
Randy Britt
Realtor
Century21 All Properties
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Submitted by Paul Howard on March 22, 2010 - 4:18am.
The purpose of the home inspection is for the buyer (so far as is possible) to find out what "as is" , "is".
To the extent a Realtor has knowledge of defects in a home they are obligated to report it to the buyer but that does not take the place of a home inspection - neither should a home inspection report provided by a seller - especially since the buyer was not there during the inspection.
Many defects that may not be noticed by a buyer will be readily apparent to an experienced Realtor and should be pointed out to a buyer prior to an offer.
Any Realtor that never points out defects is either deceptive or extremely inexperienced and limited in their knowledge and of limited usefulness to a buyer.
I have a rule of thumb. I tell my clients that if I can point out 5 defects a good inspector will probably come up with at least 5 times as many.
Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill NJ 08002
http://www.facebook.com/homebuyers
Submitted by Jim Hodson on April 24, 2010 - 5:51am.
The system as it stands today is one that risk is passed from one party to another, and the last one holding the risk when it bears its head is the loser. It is all too tempting in a market that is justifiably proud of capitalism to be satisfied that this game of high stakes musical chairs is always played fairly. To try to control or regulate it beyond what is already in place would be too costly and difficult to enforce. The market has adapted slightly to this reality by offering limited insurance, but it is generally more cosmetic and intended to help the buyer “feel good” than be truly effective. So what is the answer?
For now, buyers must take steps to reasonably reduce risk through utilizing third party appraisers, inspectors, and pressing listing realtors to be inquisitive when dealing with REO departments and preservation companies. Transparent approaches to informing buyers such as brazenly publishing appraisals and contractor opinions for the buyer to evaluate prior to making an offer with the belief that early and full disclosure streamlines the process and benefits both buyer and seller in the long run. When setting out to buy a home, buyers would be wise to set aside enough to cover these extra costs, perhaps more than once, in exchange for a better price on a house that comes with more risk.
Jim Hodson - CEO Countdown To Buy