X
                        RISMedia's ACE
Search
Exact matches only
Search in title
Search in content
Search in comments
Search in excerpt
Filter by Custom Post Type
{ "homeurl": "http://rismedia.com/", "resultstype": "vertical", "resultsposition": "hover", "itemscount": 4, "imagewidth": 70, "imageheight": 70, "resultitemheight": "auto", "showauthor": 0, "showdate": 0, "showdescription": 1, "charcount": 3, "noresultstext": "No results!", "didyoumeantext": "Did you mean:", "defaultImage": "http://rismedia.com/wp-content/plugins/ajax-search-pro/img/default.jpg", "highlight": 0, "highlightwholewords": 1, "openToBlank": 0, "scrollToResults": 0, "resultareaclickable": 1, "autocomplete": { "enabled": 1, "googleOnly": 1, "lang": "en", "mobile": 1 }, "triggerontype": 1, "triggeronclick": 1, "triggeronreturn": 1, "triggerOnFacetChange": 1, "trigger": { "delay": 300, "autocomplete_delay": 310 }, "overridewpdefault": 0, "override_method": "post", "redirectonclick": 0, "redirectClickTo": "results_page", "redirect_on_enter": 0, "redirectEnterTo": "results_page", "redirect_url": "?s={phrase}", "settingsimagepos": "left", "settingsVisible": 0, "hresulthidedesc": "0", "prescontainerheight": "400px", "pshowsubtitle": "0", "pshowdesc": "1", "closeOnDocClick": 1, "iifNoImage": "description", "iiRows": 2, "iiGutter": 5, "iitemsWidth": 200, "iitemsHeight": 200, "iishowOverlay": 1, "iiblurOverlay": 1, "iihideContent": 1, "loaderLocation": "auto", "analytics": 0, "analyticsString": "", "show_more": { "url": "?s={phrase}", "action": "ajax" }, "mobile": { "trigger_on_type": 1, "trigger_on_click": 1, "hide_keyboard": 0 }, "compact": { "enabled": 1, "width": "200px", "closeOnMagnifier": 1, "closeOnDocument": 0, "position": "fixed", "overlay": 0 }, "animations": { "pc": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "fadeInDown" }, "mob": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "voidanim" } }, "autop": { "state": "disabled", "phrase": "", "count": 10 } }
Select Page

(MCT)—QUESTION: I am selling my vacant house “as is,” and the buyer never had an inspection done. At the walk-through yesterday, he could not get the air conditioner to work. Now he insists that I give him a credit to get the A/C replaced, or he will cancel the contract. Can he do this?

—Art

ANSWER: Not unless you let him. Typically, in an as-is deal, the buyer will get a short period of time to get inspections done and to do his due diligence on the property. During this inspection period, if the buyer is not happy with the house, he can cancel the contract and receive his deposit back. After this period ends, the contract “goes hard,” meaning that the buyer will lose his earnest money deposit if he does not close.

In your case, it sounds as if the buyer has missed his chance to cancel the contract and still get his deposit back. If he does not close, you can keep his deposit. But before you do this, think about the potential consequences. You should consider how much the deposit is, how much the A/C repair will cost and how long it will take to find another buyer. Does it make sense to let this deal fall through? You may find that you would be better off reaching a compromise than waiting two or three months to find a new buyer, especially if the deposit is only $1,000 or so and the repair cost isn’t astronomical.

Q: I am curious about purchasing property at foreclosure sale. It seems too good to be true that you can get a house for just a few thousand dollars this way. Is it?

—Kathy

A: Yes, it is often too good to be true. When you purchase a home from a foreclosure auction you get the title to the home subject to any issues that may be attached to the house, and you also get the house in the physical condition that it is in. This means that you will have to clean up the house and deal with any code enforcement issues with the city. You will also have to make sure that all back due homeowner’s association dues are brought current. But that is not the worst of it. When a lien is foreclosed, it can only foreclose out other liens that are subordinate to it.

For example, if the lender is foreclosing its second mortgage, the first mortgage will still be a valid lien against the property. Further, if the lender misses or otherwise does not sue another lien holder, that lien will also still be against the property.

All of this means that when you purchase a property at a foreclosure auction for a very low price, it is probably that way for a reason. It is very important that you thoroughly research any property so that you don’t end up buying a problem.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar.

©2012 Sun Sentinel (Fort Lauderdale, Fla.)
Distributed by MCT Information Services


Buying/Selling Consumer Luxury National Spotlights
Milwaukee - city panorama seen from the north side.
2016 Home Sales Increasing Twice as Fast in Counties with Low Hazard Risk

The recently released ATTOM Data Solutions 2016 U.S. Natural Hazard Housing...

portrait of us army soldier and little daughter outside their home
The Best Military Towns Named for Investing in Rental Homes

New data was released by HomeUnion on the best military towns...

House chart , This is a computer generated and 3d rendered image.
August Brings Hottest Housing Market in a Decade, Says REALTOR.com

A record-breaking summer for the residential real estate market continued in...

Agent Broker Coaching Lead Gen Teams
Holding house keys on house shaped keychain in front of a new home
Stepping into the Residential Arena

In the following interview, Paul Kenny and Matt Bogue of Engel...

Handshake of a two businesswomen after closed deal
Recruiting and Retaining in Today’s World

“Times are changing” is a phrase that’s been uttered by countless...

education_tip_concept_NAR_Series.jpg
Education Insider: RPR’s Learning Site Is Blowing Our Mind

A couple weeks ago, Realtors® Property Resource (RPR) announced its brand...

Agent Best Practices Branding Broker Niche
Digital composite of businesswoman touching interface with profile pictures
Four Tips to Fuel Your Online Presence

Social media is a prime way to both connect with potential...

Hispanic family with laptop at home smiling
Back-to-School Marketing Ideas

As families gear up to send the kids back to school,...

Word Cloud with Lead Generation related tags
Ask the Expert: How Much Should You Spend on Lead Generation?

Today’s “Ask the Expert” column features Arthur Darmanin, Chief Executive Officer...

Agent Apps/Gadgets Best Practices Broker Innovation
financial stock price
5 Ways Big Data Is Changing Real Estate

Every facet of the business world has been radically changed by...

Computer keyboard with loupe concept
Maximizing Exposure with Unique, Interactive Domains

When it comes to finding your target audience, proper listing exposure...

Silhouette of business people moving and joining pieces of jigsaw puzzle on a business and stock market  blue background, with charts, diagrams, world maps and data arranged on grid and tables. World maps showing continents and countries with economy data and growth diagrams. Light glowing from the center. Copy space on bottom.
PNC Offers Online Business Insights, Webinars and Tools for Agents

Looking for the latest real estate industry information, education and networking...

Business Insights Content Generation Marketing Trends
Nizhnevartovsk, Russia - June 12, 2013: Man hand holding iPhone 5 with Instagram App. iPhone is product Apple Inc. Instagram is an online photo-sharing and social networking service.
Visual Storytelling: Tips for Mastering the Art of Instagram

Creating and implementing a consistent social media strategy is vital for...

"Paris, France - May 27, 2012: Instagram logo on Apple iPhone display"
Instagram Is Open for Business—Find Out What This Means for Real Estate

Last week, Instagram released some major updates that could create a...

instagram_update_2
Story Time: Move Over Snapchat, Instagram Wants In

Are you using Snapchat in your real estate business? Well, you should...

Buying/Selling For Your Clients Home Improvement How-To Lifestyle
US Marine Female Soldier at Home with Real Estate Paperwork.
Home Loans for Veterans: Everything You Need to Know

(TNS)—If you or your spouse has served in the military or...

Cheerful teenager girl with earphones doing homework on sofa at home
Pros and Cons: Buying a Property for a College Student

There’s no way around it, supporting a college student can be...

A beautifully staged modern living room within a Victoria, BC condo.
5 Dirt Cheap Home-Staging Ideas

(TNS)—We all want to make our houses look like they are...

manhattan
RISMedia’s CEO Exchange

RISMedia’s 2016 Real Estate CEO Exchange September 13 & 14, 2016...

Capital Building, Washington
RISMedia’s Power Broker Forum at the NAR REALTORS® Legislative Meetings & Trade Expo

RISMedia’s Power Broker Forum at the REALTORS® Legislative Meetings & Trade Expo...

PB-annual
RISMedia’s Power Broker Forum, Reception & Dinner – Annual

RISMedia Power Broker Events 2016 Orlando, Fla. Friday, November 4, 2016...