Profile picture for HomeBuyer552

Sold as is

Im trying to place an offer for the house that is sold AS IS by the owner.I asked for the sellers disclosure but i havent heard anything from and listing agent since I asked for that. Offer is ready and listing agent is notified but he is not answering e mails and phone.Should this be a red flag for me as the first time home buyer?
  • June 06 2011 - US
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Answers (7)

Are you working with a buyer's agent and what does your buyer's agent have to say about it? In Illinois, if you don't receive the seller's disclosure up front, no matter where you are in the contract process, once you receive that disclosure you usually have 3 days to back out based on any negative issues therein (contact your attorney about this - don't take this as legal advice).

Depending on the situation with the sellers it may be a red flag or it may not be. In Illinos, a REO property is exempt from the property disclosure - you may not even get one. So it's going to depend. Talk to your agent and ask them to explain what's going on. If you don't have one, Caveat Emptor.
  • June 07 2011
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Profile picture for Marty Snyder
Also, make sure that you purchase an "owner's title insurance" policy.  This is in addition to a "lender's title insurance" policy.  (assuming that you are going to finance)  If no financing is involved, you still SHOULD purchase an owner's title insurance policy to protect yourself completely against any un-recorded liens on the property.  If your agent hasn't informed you about it, make sure that you ask!
  • June 07 2011
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Profile picture for jpuchar
Make sure you hire a property inspector and contractor to thoroughly check out the home.  This should be a necessity in order for you to perform your due diligence.  Remember you can always back out of the contract if you suspect something fishy or dishonesty with the sellers.  
  • June 07 2011
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Depending on the state, they are required to furnish you with the disclosures. I never see "as is" as a red flag, but I am slightly concerned that they are reluctant to provide you with the disclosures. That said, sometimes this is because the Seller's are working on finding out some of the information to make sure the disclosures are complete and accurate. Really the mistake is that the listing agent did not have the Seller's furnish them with a complete disclosure package prior to listing if this is the case. That said, don't worry about "as is"! Many times it is simply because Seller's don't want the hassle of fixing little things. That said, depending on the contract, certain things are required to be in full working order, so make sure your agent has noted which systems the Seller is required to repair/restore even if the property is "as is".
  • June 07 2011
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Profile picture for Perfect Quarters
There can be many reason you did not get that property disclosure agreement. But understand just because you place an offer you don't have a right to review that at least in NYC. Once the contract of sale goes out you must get the property disclosure agreement with it for your review. Even once you get that do a housing inspection too to cover all yourself. I would say not to turn away due to delay, they just maybe getting their act together. Do keep looking just in case.
  • June 07 2011
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Profile picture for HomeBuyer552
Agent dropped of the sellers disclosure form at sellers house,called the listing agent whole day and still no answer.
(it is owned by the person no foreclosure)
  • June 06 2011
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Profile picture for wetdawgs
Is the owner a long time owner or a bank?   There could be dozens of reasons for not receiving a disclosure yet, some would be red flags and some are just facts of life and mean nothing.     What does your agent say?

  • June 06 2011
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