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.4
- 1 What if seller does not make repairs?
- 2 Can seller say no repairs?
- 3 What is a seller carryback loan?
- 4 Can seller push back closing date?
- 5 What fixes are mandatory after a home inspection?
- 6 What happens if seller won’t Extend closing Date?
- 7 How long does a seller have to respond to repair requests?
- 8 Does a seller have to fix electrical problems?
- 9 Can seller back out of home sale after inspection?
- 10 Who holds title in seller financing?
- 11 How does a seller carry a loan?
- 12 What does it mean when a seller holds the mortgage?
- 13 How long can seller delay closing?
- 14 Who decides closing date?
- 15 What options do I have if seller delays closing?
What if seller does not make repairs?
It states: if an inspector has to return for a re-inspect because the seller did not repair or replace the damage as per the agreement, the seller will be responsible for the re-inspection fee. It also penalizes the seller if he or she does not complete the repairs before the first re-inspection.
Can seller say no repairs?
Sellers can get buyers to walk away by not agreeing to any repairs or concessions. The only way a seller can back out of an offer is if they had a contingency in place that gives them the option to walk away from the buyer.
What is a seller carryback loan?
When a Seller finances a portion of the purchase price of a business, the loan is known as a Seller Carry Note. The Seller agrees to “carry back” a portion of the purchase price, and the buyer promises to pay that amount back over time.
Can seller push back closing date?
Closing might be pushed back if the buyer and the seller have to resolve problems highlighted by a home inspector’s report. Typically, the seller offers to repair the issues or credit the buyer to offset the cost of any fixes. Insurance issues may lead to unexpected surprises as well.
What fixes are mandatory after a home inspection?
What fixes are mandatory after a home inspection?
- Mold or water damage.
- Pest or wildlife infestation.
- Fire or electrical hazards.
- Toxic or chemical hazards.
- Major structural hazards or building code violations.
- Trip hazards.
What happens if seller won’t Extend closing Date?
The seller could also refuse to extend the closing date, and the whole deal could fall through. In a best-case scenario, the seller could simply agree to extend the closing date with no penalty. After all, if the deal doesn’t close, the seller will also have to start all over again.
How long does a seller have to respond to repair requests?
When he/she submits a request for repairs, the buyer sometimes asks for particular contractors to do specific work. The seller typically has three business days from the time of receipt to respond to buyers.
Does a seller have to fix electrical problems?
At the very least, as the home seller, it is your responsibility to sell a house in a good, safe, and livable condition. More so, if these electrical problems are those you’ve hidden from your buyers, you can even face liability for failing to disclose these defects.
Can seller back out of home sale after inspection?
When home buyers get a home inspection, they’ll often request that sellers make repairs based on that report, or issue a “repair credit” to cover those costs. The thing is, sellers can always refuse —a move that could “constructively cancel” the real estate contract.
Who holds title in seller financing?
The installment arrangement works like this: The contract states that the seller will keep title to the property until you pay off the loan. (You normally pay the loan off in a series of regular payments, similar to a standard mortgage.) After you do so, the seller signs a deed transferring title to you.
How does a seller carry a loan?
Seller carryback financing is basically when a seller acts as the bank or lender and carries a second mortgage on the subject property, which the buyer pays down each month along with their first mortgage. In addition to that, you’ll be earning interest each month on that loan as opposed to a straight cash sale.
What does it mean when a seller holds the mortgage?
A holding mortgage is a type of mortgage loan in which the seller acts as the lender and retains the property title. The buyer makes monthly payments directly to the owner.
How long can seller delay closing?
Review the details in the contract to see what the allowable time is for a delay on the part of the seller. Usually a 30-day window is applicable. However, if the house closing delayed by the seller moves beyond the allowable window, the seller could be liable for financial losses incurred by the buyer due to a delay.
Who decides closing date?
In most cases, the buyer chooses a tentative closing date and makes it part of the offer. The contract usually states that closing will occur “on or about” that date.
What options do I have if seller delays closing?
Contractual Options The first is to grant the seller more time by having your agent or attorney prepare an addendum to the contract that delays closing by however much time the seller needs. You may ask for a credit if the arrangement results in out-of-pocket expenses, such as additional rent or mortgage payments.