"As Is" Sales Are Always "As Is!" Right?
I am currently working with a first time buyer. Having never been involved in a real estate transaction before, she is understandably nervous about the process.
We found her a new home that a builder never managed to sell before going bankrupt. The home is now bank owned and (as is the case with most bank owned properties) is being sold "As Is."
We scheduled the inspection and I explained to her that weren't looking for problems that we would ask to be repaired, but we were verifying that the home didn't have any vital flaws that would cause her to want to rescind her offer. I mentioned cracked foundations and severe plumbing problems to demonstrate my point. This was a take-it or leave-it deal. We weren't at all worried because this was new construction built by a reputable builder in the area.
The home had a clean bill of health until the inspector went under the house in the crawl space. When he came back out, he was covered in mud. I knew what that meant and my client suspected that something was wrong. The inspector informed us that there was standing water in the crawl space that could cause some serious problems if it wasn't remedied.
My client was devastated. She knew that the bank would never make repairs because this is an "As Is" listing. Right? Take-it or Leave-it?
WRONG!
Although the listing agent wasn't too happy to hear from me regarding the water issue, I convinced him to submit our request for repairs to the bank. The leverage that I applied was simple yet effective. The repair would have to be made before the home could sell to anyone and now that the problem had been discovered, they would be forced to disclose it to any new prospective buyers. Why not fix it now for my buyer who is here and willing to follow through with the purchase?
To the listing agent's surprise, the bank reluctantly agreed to make repairs. We are scheduled to close on June 17th.
When you choose us to handle your Vancouver Washington real estate needs, you choose a team of Realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark County and we specialize in Vancouver, Ridgefield and Battle Ground. We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area. Additionally, we have helped numerous families build their ownVancouver Washington dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service. Go to www.ernw.org for more information. See our video here
When you choose us to handle your Vancouver Washington real estate needs, you choose a team of realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark Countyand we specialize in Vancouver, Ridgefield and Battle Ground. We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area. Additionally, we have helped numerous families build their own dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service.
This also shows the buyer, why they hired you! You will not take "NO" for an answer!
Just goes to show you not to give up on the deal until all your options have been exhausted. Congratulations!
Great for you for going the extra mile and not giving up-I hope your buyer gives you lots of referrals in the future.
Good for you going the extra mile for your buyer. Congrats on a successful negotiation.
Great job, and while the bank probably doesn't think so, you did them a favor by keeping the deal intact.
I agree-As is, is, as- is. But sometime circumstances need to be adressed.
Good Point and Great Job!
I had the same thing happened to me. The listing agent kept insisting that the bank would not fix the issue but low and behold, they did and we went to close. It never hurts to ask and push a little if need be. That's what one of the reasons we get paid.
Good job and congrats!
Suzanne Everett
Now that's awesome. I'm glad to see there are some banks that are willing to play ball with some of these properties. Congratulations on a successful negotiation and future close!
Chanda panda
You were right, the bank was either going to have to fix it now, or fix it later. People still don't want to buy flawed homes that need repairs. They'll just move on to the next one! Glad the bank came through.
Follow up to this deal - We closed this one last week. When we asked for the water problem to be fixed we left the method up to the bank. We were anticipating that they would just trench the area out and fill it with gravel. That would have been acceptable to my client.
We had been back uder the house to reinspect but the title company required proof of the repair in order to close. They had the receipt in the file as proof. The bank had paid over $6,000 to have experts come out and adjuct the floor angle in the crawl space and install two drain systems. I had bids for just over $350!
You Rock Mark! Great article with lots of hope for handling bank owned homes. Especially since there are so many of them. It 's nice to hear a good story about a bank for a change.
You Rock Mark! Great article with lots of hope for handling bank owned homes. Especially since there are so many of them. It 's nice to hear a good story about a bank for a change.