| by John A. | No comments

Should you offer less than the asking price?

Should you offer less than the asking price?

If there are issues with the property or the price is too high, or both, you can usually underbid and negotiate with the sellers. If the price has remained the same on a listing for more than two weeks, we feel it is okay for our buyers to offer a price that is somewhat less than asking, usually around 3 to 5%.

Can a seller back out if appraisal is low?

As the seller, you can always sell the house at the appraised value without negotiating with anyone. For example, if the difference between the sales price and the appraised value is $10,000, the seller could lower the price by $5,000 and get the buyer to bring another $5,000 to closing.

What if a seller won’t budge?

You’re always free to write another purchase agreement if the seller doesn’t respond to your counteroffer. You might also consider asking for other concessions, such as closing cost credits or mortgage buydowns, if the seller simply won’t budge from full price.

Should I sell my house as is or fix it up?

If your real estate market is extremely hot—it’s a seller’s market—you can usually get away with fewer fix-ups before selling. But a home that needs repairs will still deliver a lower price in any market. Buyers might not even bother to look at a home that needs work in slow markets.

WHAT IS AS IS condition in real estate?

What Does “Sold As-Is” Mean? Sellers list their homes for sale as-is when they don’t want to do any repairs before closing. It means there are no guarantees from the seller that everything’s in working condition. If you buy an “as-is” home and later find major problems, you’re responsible for the repairs..

What happens if seller does not sign addendum?

If the seller won’t sign the addendum, then the terms of the contract remain as they are now. There should be a financing paragraph that specifies not only the date the commmitment is due, but what happens if the date is not met.

What is an as is residential contract?

Such contracts are often termed “as is” contracts by which the buyer accepts the property in its current condition, “as is” without warranty by the seller as to any particular conditions. …

Can seller refuse to make repairs?

In most cases, the sellers have no obligation to fix anything. If they do not like your request, they can either submit a counteroffer or reject it outright. If they send a counteroffer, you can decide whether it meets your needs. For example, you may ask for repairs and they may counter with an offer for credit.

When should an addendum be used?

When to Use an Addendum Addenda are modifications added to an existing agreement to add or change a few of its terms and conditions. It does not replace the original contract. Use an addendum to add information agreed to after the parties have agreed on the contract terms.

What is the effect of an as is clause in a purchase agreement?

Thus, an “As-Is” clause simply puts the buyer on notice that the sale is being made without warranty and that the property is accepted in its existing condition. It does not infringe on a buyer’s right to inspect nor to ask for repairs and does not excuse the seller’s required disclosures.

What does an as is addendum mean?

What an As-is Addendum Does: “as-is.” In other words, the buyer is purchasing the home in the current state it is in, at the time of contract/closing, without the expectation of repairs/upgrades on the seller’s part.

Is there a word for and or?

In regular English, there’s no single word for that. Or already usually means ‘and or or’ but people just write “and/or” when they want to be super clear that acceptable outcomes include {A, B, AB}. Computer scientists do use more specific logical operators: AND is only true for {AB}.

How do you get out of an AS IS contract?

For those times when either life or your mind changes, here are five tips for getting out of a contract:

  1. Send a letter requesting to cancel the contract.
  2. The FTC’s “cooling off” rule.
  3. Check your state’s consumer-protection laws.
  4. Breach the contract.
  5. Talk to an attorney.

What does as is mean legally?

A term used to describe a sales transaction in which the seller offers goods in their present, existing condition to prospective buyers. Any implied or express warranties that usually accompany goods for sale are excluded in an “as is” sale. Contract law and the Uniform Commercial Code regulate “as is” sales.

Do Realtors lie about other offers?

As everyone else has said, yes they can lie about other offers but if you have an escalation clause that is being used, they need to present the other offer if requested.

What can I use instead of the word and?

What is another word for and?

furthermore moreover
in conjunction with along
and all in the same way
besides that in a similar manner
in the same manner just the same

What is an AS IS condition clause?

: a clause in an agreement providing that the buyer accepts the item for sale in its presently existing condition without modification or repair NOTE: Under Uniform Commercial Code section 2-316, an as is clause releases the seller from responsibility for the quality of the item for sale.

What is an addendum vs amendment?

An amendment is typically used to change something that’s part of an original contract. Think of amendments as modifications to the earliest agreement (for example, altering an agreed-upon deadline). An addendum is used to clarify and add things that were not initially part of the original contract or agreement.

Why you should never sell property?

3. Your tenant can pay your mortgage indefinitely. A fundamental reason why you shouldn’t sell is that you don’t need to bear the financial burden of holding the property — paying the mortgage — that is borne by your tenant. The rent of you tenant pays the mortgage, freeing you of that financial burden.

Is it correct to use and or?

You’d be hard pressed to find a style guide that doesn’t admonish you to drop “and/or” and choose either “and” or “or.” In writing either and or or is usually adequate. If a greater distinction is needed, another phrasing is available : X or Y, or both. It is more common in technical,business,and legal writing.

Can you offer 10 below asking price?

Unless there is a significant number of people interested in the property, start low. Around 5% to 10% below the asking price is a good place to begin. Make your offer in writing as there’s less chance for confusion and only offer more than the asking price if you know that someone else has already offered that much.

When should you walk away from buying a house?

Buyers should consider walking away from a deal if document preparation for closing highlights potential problems. Some deal breakers include title issues that put into question the true owner of the property. Or outstanding liens, or money the seller still owes on the property.

What is an AS IS offer on a house?

Real Estate. To make an “as-is offer” is to state that you, the buyer, will take the property in the condition it is in as of the date you make the offer, and will not ask the seller to do any work or repairs to the home.

Can you use and/or in formal writing?

Please do not use “and/or” in either formal or informal writing. In common English, the “or” is a “non-exclusive or” which means “either A or B, or A and B”. When I say “I can have a banana OR I can have coffee” then I am also OK with having both.

Is it illegal for realtor to lie?

Yes, they can lie. Realtors—a subset of real estate agents—are forbidden by their Code of Ethics from lying, though some do. Not many, but some. Usually, though, it’s not an outright lie.

Is an addendum legally binding?

An addendum can be created by persons other than the ones who signed the original contract. Amendments are considered part of a contract until it is next negotiated, while an addendum is a legal and binding part of the contract.