Posted on: 12th May, 2011 03:21 am
Selling a lake cabin that needs alot of repair to be livable it also needs new sepit system. I dont want to libel for any expenses that might be needed to make it livable.
Hi ckbennett,
Welcome to Mortgagefit,
Most of the buyers will ask deep discount on the price with the reason 'need renovation'...It might be true in your case that you might not be having any funds to repair this stuff....but I will still advice to you that you should repair the home first (either you can get financing for repair or just use the escrow amount paid by the buyer to repair it.)
So in this case you may clearly tell the buyer that (in the written format in the deed) that he should not come after you for any type of repairs and he/she is buying the property 'as it where is' basis..and personally you won't be liable for any repairs or lawsuit in pertex to it...
I think if you could convey this point to the broker/agent who is dealing with the buyer and you make sure you get this stuff in writing from the buyer you will not be in trouble....
As far using the escrow amount to repair the house is concerned,it may or may not be feasible because lot more depends on within how much time you have to vacate the house and how much time will be required to repair the home....If repair is taking only few days (3-4) then it is really possible to use the escrow amount for repair works .....
Feel free to ask any further query if you have.....
DIPA
Welcome to Mortgagefit,
Most of the buyers will ask deep discount on the price with the reason 'need renovation'...It might be true in your case that you might not be having any funds to repair this stuff....but I will still advice to you that you should repair the home first (either you can get financing for repair or just use the escrow amount paid by the buyer to repair it.)
So in this case you may clearly tell the buyer that (in the written format in the deed) that he should not come after you for any type of repairs and he/she is buying the property 'as it where is' basis..and personally you won't be liable for any repairs or lawsuit in pertex to it...
I think if you could convey this point to the broker/agent who is dealing with the buyer and you make sure you get this stuff in writing from the buyer you will not be in trouble....
As far using the escrow amount to repair the house is concerned,it may or may not be feasible because lot more depends on within how much time you have to vacate the house and how much time will be required to repair the home....If repair is taking only few days (3-4) then it is really possible to use the escrow amount for repair works .....
Feel free to ask any further query if you have.....
DIPA
Not sure about your state, but in CA, a seller must disclose any defects with the property, as well as the agent. The agent must use due dillegence in inspecting the property and note all red flags. Otherwise, the parties can be liable. Check with your agent, if no agent, contact a realtor in your area to clarify. In CA, its called a Transfer Disclosure Statement. Also, you would put as is, in the listing agreement, or contract you are using. Good Luck
Hi ckbennett,
I agree with Chris... as a seller you should disclose all the defects in the property though you are selling the property as is. You should sign an agreement with them so that they are ready to accept the as is property and they don't come after you later on.
I agree with Chris... as a seller you should disclose all the defects in the property though you are selling the property as is. You should sign an agreement with them so that they are ready to accept the as is property and they don't come after you later on.
Just forgot to log in... It was me above! :-)