"Sold as is" Properties
I saw a home listed with the message “Property Sold Totally As Is. No Representations or Warranties. Purchaser Pays Transfer Tax & Stamps.” Should one be cautious about these type of properties? Is it safe to assume there are issues with the home? Has anyone bought a home listed with “no warranty”. Also, what does…
I saw a home listed with the message “Property Sold Totally As Is. No Representations or Warranties. Purchaser Pays Transfer Tax & Stamps.” Should one be cautious about these type of properties? Is it safe to assume there are issues with the home? Has anyone bought a home listed with “no warranty”. Also, what does one “pay stamps” mean?
Thanks!
Sounds like the seller is open to telling you about the work the place needs. Maybe you could ask? Don’t expect a complete run-down, but the more info the better, right?
If the place is around 2,000 sqft (?) and you spend $200/sqft fixing it, then (from the numbers you’ve given us) it looks like you end up ahead of the game by $100k. So, if you have the money and don’t mind taking on a big project, this might be a good deal.
this home is listed in the 400s in a block that homes are at 900k to 1.2m.
the seller said the home “has lots of work” to be done. im trying to see what “lots” = in terms of dollars.
“”Property Sold Totally As Is. No Representations or Warranties. Purchaser Pays Transfer Tax & Stamps.”
These words are used on FORECLOSURE and Bank Owned REO properties. All it means is that you BETTER know EXACTLY what you are doing.
Any seller can sell AS-IS… but when you see the words “Buyer pays Transfer Tax & Stamps”, it means that the BUYER pays the SELLERS closing fees. NYC charges the SELLER 1% and NYS charges the SELLER 4/10% (((( 1.4% )))). The seller then makes the buyer pay these fees. It might be worth it if you’re buying a property for $250K that’s worth $400K after investing $50K…
BE CAREFUL… but watch for a good deal…
Heimer is known to kill deals
sooo – if the place is AS IS and you want a thorough inspection – i would hire heimer
If someone is advertising a house like that, it’s because the place is a disaster. Just because you can’t find all the problems doesn’t mean they’re not there. If an old house (like a 100+ year old brownstone) hasn’t been actively maintained and updated through the years, you’re likely to be facing problems with the wiring, the plumbing, the roof, and possibly the structure (especially if there were weird previous renovations that don’t quite look right but you can’t put your finger on why).
Expect your engineer to miss things. Possibly major things. Not because he’s crooked or dumb, but just because it’s nearly impossible for him to discover everything that’s wrong with a disaster. Even going into places that I *knew* were trouble, looking hard for problems, I’ve still always been surprised (and never pleasantly).
A renovation project is going to run you at least $200/sqft. Keep that in mind when looking at this house.
Heimer does very thorough inspections and tend to err on the pessimistic side in repair estimates. $600 is about right.
I believe there was a discussion here a few weeks back that the going rate for an engineer inspection is 600 “and up” (presumably depending on the size of the building).
We paid $600 5 years ago for a 4 story brownstone.
How much do inspectors / engineers charge for an assessment?
Always use your own engineer for the inspection. Discuss with them, upfront, the details of the inspection (guarantees or warranties on the inspection).
Regardless of how the property is marketed get your own lawyer and inspector (not necessarily ones recommended by the sellers realtor) to watch out for your needs and concerns.
I walked away from a building after my inspector found over $200k worth or structural issues. It cost me the inspection fee and what not, but it was better than buying the property and having to redo the front and back walls…