Realtor listing conditions

[PTOC]

Hello everyone,

My husband and I were looking at Mls, came across a listing we are interested in and saw this condition posted by the realtor


No Representations Or Warranties Are Made Of Any Kind By The Seller Or Agent In Regards To This Property. All Information Displayed Is Believed To Be Accurate But Is Not Warranted And Should Be Independently Verified. ""In As Is Condition""

does anyone know what this condition means and why they would post the condition on the listing?

any information will be helpful.

Thanks

[BornRuff]

They are essentially saying "This is what we have been told about the property by the owner, but don't blame us if it's wrong. Also don't hold us responsible for any problems with the property. Do your own inspection."

[krozet]

So this is why you get an inspection before you purchase the home.

[Anonymouse]

It means you walk away, because there is something wrong with the house and they don't want to be held accountable for it when you inevitably discover it.

[PTOC]

so its not a condition that they post because it could be a grow op or even a foreclosure?? its pretty much used to "cover their asses" right?

[M08006899]

Is it a power of sale? Those are really the only ones where I see that...

[PTOC]

I'm not sure. I'm hoping its a condition they use to 'cover their ass" and i'm hoping its not a grow op. I sent an email to my agent to find out the history of the property so we'll see.

[stealth]

so its not a condition that they post because it could be a grow op or even a foreclosure?? its pretty much used to "cover their asses" right?

It could be to cover their asses for ANYTHING or NOTHING (just a standard disclaimer they put on every listing just in case).
Ask the agent if theres any reason for this regarding this listing and see what they say.

[BornRuff]

so its not a condition that they post because it could be a grow op or even a foreclosure?? its pretty much used to "cover their asses" right?

Ya, as others said, it theoretically could mean it might be a grow op, but it really is there for absolutely anything that could be wrong. It doesn't mean they know something is wrong, it's a standard thing they would put on all their things just to cover their asses.

[l69norm]

Is it a power of sale? Those are really the only ones where I see that...

+1, the listing has the standard wording for "Power of Sale" (in Ontario) . It means the bank is selling the house on behalf of the owner (i.e. forced sale). The bank can't (doesn't want to) verify anything so they have a special out clause in the purchase agreement

Also, the out clause is there because there special rules (laws) governing a "Power of Sale" that the bank has to follow. For example, the bank can unilaterially cancel the purchase agreement right up to the closing day if the original owner suddenly comes up with some money

[KK_120]

It is usually a disclaimer and like others have said, it can cover everything to nothing. Usually it's there to cover themselves (so if anything is wrong and/or not to your liking it's not their fault).

[-=phelan=-]

grow op.

if you buy that house you'll pretty much have to smash it down and rebuild it from ground zero, no telling what they did in there as a grow op

[bail42]

Hello everyone,

My husband and I were looking at Mls, came across a listing we are interested in and saw this condition posted by the realtor


No Representations Or Warranties Are Made Of Any Kind By The Seller Or Agent In Regards To This Property. All Information Displayed Is Believed To Be Accurate But Is Not Warranted And Should Be Independently Verified. ""In As Is Condition""

does anyone know what this condition means and why they would post the condition on the listing?

any information will be helpful.

Thanks

The first part is pretty standard, from my understanding. The idea is that you can't buy the house without seeing it and then say "the bedroom is actually 10x10 not 10x11". The as-in condition would defintiely scare me, though!

[t3359]

I think it's a typical clause they include (haven't checked other offers I've seen). If you're worried about it being a grow-op, you can list it as a condition in your offer (and the seller will have to reply "to the best of our knowledge...").

I'm now wondering if it's possible to put in the offer that the seller has to list everything they consider major problems as a condition for sale...

bjl

[mmhassa2]

It means you walk away, because there is something wrong with the house and they don't want to be held accountable for it when you inevitably discover it.

Not true at all...see the post below:arrowd:

+1, the listing has the standard wording for "Power of Sale" (in Ontario) . It means the bank is selling the house on behalf of the owner (i.e. forced sale). The bank can't (doesn't want to) verify anything so they have a special out clause in the purchase agreement

Also, the out clause is there because there special rules (laws) governing a "Power of Sale" that the bank has to follow. For example, the bank can unilaterially cancel the purchase agreement right up to the closing day if the original owner suddenly comes up with some money

This is mostly likely the case...We had similar wording on our house as it was a Power of Sale but in good condition (just bad taste in decoration) lol

grow op.

if you buy that house you'll pretty much have to smash it down and rebuild it from ground zero, no telling what they did in there as a grow op

Again read the above posters explanation...just because the house is listed as-is does not mean its a grow up or something wrong with the house. :o

[PTOC]

OK so according to my agent he said that according to the real estate tribunal under the act agents must disclose whether the house was a grow op or not. And the fact that the realtor's personal site as well as MLS doesnt give any indication on if it was or if it wasn't is probably a good thing.

My agent is in the process of getting further history of the property. He also said that sometimes agents (on the selling side) dont always promote that its a forced sale because they know they will get lower than the listing price and sometimes properties are priced low because its a divorce dispute and they need to sell asap.

Regardless I can't wait to find out what the issues with the property and why its priced low.

I'll keep you all posted.

Thank you all for your knowledge and input!

[PTOC]

for those of you interested the condition that was posted by the sellers relator is a condition used in an instance where the house is listed as a forced sale.

I spoke with my agent and apparently the property we are looking at was originally on the market for 450,900.00 the owner tried to sell the house before the bank would take over and was unsuccessful. So now the banks have stepped in and the property is now listed at 359,000.00. There are no pictures of the inside of the home so i'm assuming thats because the house probably became the home owners punching bag when the bank took over ;)

I'm off to see the property this evening so i'll be able to judge the condition of the house myself. I've been advised that the contents of the home may still be inside and therefore i'd be responsible for it.

What would you do with the contents of the home if you were me?

does anyone know if the price on "forced sale homes" is negotiable?

[PTOC]

for those of you interested the condition that was posted by the sellers relator is a condition used in an instance where the house is listed as a forced sale.

I spoke with my agent and apparently the property we are looking at was originally on the market for 450,900.00 the owner tried to sell the house before the bank would take over and was unsuccessful. So now the banks have stepped in and the property is now listed at 359,000.00. There are no pictures of the inside of the home so i'm assuming thats because the house probably became the home owners punching bag when the bank took over

I'm off to see the property this evening so i'll be able to judge the condition of the house myself. I've been advised that the contents of the home may still be inside and therefore i'd be responsible for it.

What would you do with the contents of the home if you were me?

does anyone know if the price on "forced sale homes" is negotiable?

[l69norm]

See this series of web pages for more POS info:
http://www.mississauga4sale.com/Power-of-Sale-Articles-1-Overview.htm

Also see:
http://www.redflagdeals.com/forums/showthread.php?t=710716&highlight=power+sale

[glemlin]

does anyone know if the price on "forced sale homes" is negotiable?

I purchased a bank repo myself, they have some flexibility, but very little given they legally need to get fair market value. Supposedly if they don't, the old owner can sue the bank.

[randomdef]

go check it out in person, it will be trashed upside downs and sideways. we thought about one, thought "hey, how bad could it be" and it was...bad. carpets were trashed, tile smashed, mold in the drywall, awful.

Hello everyone,

My husband and I were looking at Mls, came across a listing we are interested in and saw this condition posted by the realtor


No Representations Or Warranties Are Made Of Any Kind By The Seller Or Agent In Regards To This Property. All Information Displayed Is Believed To Be Accurate But Is Not Warranted And Should Be Independently Verified. ""In As Is Condition""

does anyone know what this condition means and why they would post the condition on the listing?

any information will be helpful.

Thanks

[mmhassa2]

for those of you interested the condition that was posted by the sellers relator is a condition used in an instance where the house is listed as a forced sale.

I spoke with my agent and apparently the property we are looking at was originally on the market for 450,900.00 the owner tried to sell the house before the bank would take over and was unsuccessful. So now the banks have stepped in and the property is now listed at 359,000.00. There are no pictures of the inside of the home so i'm assuming thats because the house probably became the home owners punching bag when the bank took over ;)

I'm off to see the property this evening so i'll be able to judge the condition of the house myself. I've been advised that the contents of the home may still be inside and therefore i'd be responsible for it.

What would you do with the contents of the home if you were me?

does anyone know if the price on "forced sale homes" is negotiable?

Just wanted to add since the new price is almost $100K lower, have the agent make sure the house was priced to match the neighbourhood to begin with. That way you can judge whether the price of the house is fair or not even at $360K.
I personally heard LOTS of horror stories about POS houses, but when we looked at our house it was empty and maintained by a company and nothing unusual you wouldn't see in a regular house for sale where the owners moved out. The only thing was the central a/c, dishwasher was taken out by the previous owners, but it wasn’t a big deal.
As for negotiation, during our process we realised the bank couldn't be bothered with too many sign backs. House was listed for $x99K we offered $x85K, they signed back at $x90K and stayed firm there and we took it. Buying a house below market even if it needs minor changes are actually a fun project, well atleast for us. Before moving in we changed most of the previous floorings and re-did the kitchen recently and still stayed under what we were willing to pay for the same house, minus the balcony down two houses.
Good luck with the house showing today, if it needs MINOR work and you do go through with it....get a really experienced lawyer and you should be good to go.

[stealth]

for those of you interested the condition that was posted by the sellers relator is a condition used in an instance where the house is listed as a forced sale.

I spoke with my agent and apparently the property we are looking at was originally on the market for 450,900.00 the owner tried to sell the house before the bank would take over and was unsuccessful. So now the banks have stepped in and the property is now listed at 359,000.00. There are no pictures of the inside of the home so i'm assuming thats because the house probably became the home owners punching bag when the bank took over

I'm off to see the property this evening so i'll be able to judge the condition of the house myself. I've been advised that the contents of the home may still be inside and therefore i'd be responsible for it.

What would you do with the contents of the home if you were me?

does anyone know if the price on "forced sale homes" is negotiable?

Prices are negotiable to a certain extent. But the bank can be sued by the former owner if something close to market value isnt attained, so they wont go too far down.
But more likely, it will sell at/near asking, b/c when people hear its a bank sale, a feeding frenzy may occur since as they will assume they are getting a crazy hot deal (may or may not be...since its "as-is" and unlikely you will get much access to it for inspections). So if you believe its a good deal, dont wait too long.

In terms of the contents, its pretty simple really. :confused: if theres anything nice, keep it, sell it or give it away. If its junk, get a dumpster and some workgloves.

[DrXenon]

It means you walk away, because there is something wrong with the house and they don't want to be held accountable for it when you inevitably discover it.

Although it turned out to be a power of sale in this case, a house in our neighbourhood had this clause attached to the ad because the joists were rotted, requiring the eventual purchaser to jack up the house and replace them. 3 sales fell through until they found some sucker who didn't do a home inspection.

[PTOC]

Hey all,

So we went to see the house …TERRIBLE. I would have made an offer if the only negative point to the house was that it was dirty but this was TERRIBLE. These people were of Indian / Seek decent. Instead of your average crown molding they had porcelain crown molding with elephant heads on it with blue accents in the actual molding. The walls in the dining room had marble tiles alternating with square mirror tiles. Each door had the same exact trim as the crown molding which was throughout the house. The basement was still filled with their junk you couldn’t even get down there to view it. In corners, they plastered pedestals to the ceramic floor so if you wanted to move the pedestals you would have to remove all the tiles with it. The outside of the house was equally as disgusting all the windows would have had to have been replaced. And lets not talk about the left over food which was left over in pots on the stove which was now growing old because the house has been on the market for 57 days. Bathrooms would have also had to be redone since the sink was cracked and toilet bowl itself was stained yellow.

Anyway, I managed to talk to a contractor who was viewing the home with another family he quoted us 80k to remove the elephant heads, replace the carpet, install new tiles fix the bathrooms. That’s not including the basement, kitchen, windows, doors etc.

Oh and I would have to call a landscaper to maintain the outside since it was clear the weeds had never been pulled!!!

It was obvious that they were forced out of their home with little notice. These ppl took what they could and left. Regardless, there was no excuse for the filth, left over cat food, stains in the carpet spilled food in their pantry cupboard, dirty bathrooms, that was their way of living and I was appalled that these people also had infants living in the home under these conditions. I can’t begin to understand how anyone can purchase a home and not maintain it. Apparently, according to the listing agent, the family is now renting an apartment in Brampton.

BRAMPTON?!!! And that’s exactly why agents advise against purchasing a home in Brampton!!!!

[Hugh Jass]

Wow.....welcome to the world of POS.

We looked at one recently and it was in bigtime disrepair but nowhere near as scummy as this one. Ewwww :eek:

[mmhassa2]

Hey all,

So we went to see the house …TERRIBLE. I would have made an offer if the only negative point to the house was that it was dirty but this was TERRIBLE. These people were of Indian / Seek decent. Instead of your average crown molding they had porcelain crown molding with elephant heads on it with blue accents in the actual molding. The walls in the dining room had marble tiles alternating with square mirror tiles. Each door had the same exact trim as the crown molding which was throughout the house. The basement was still filled with their junk you couldn’t even get down there to view it. In corners, they plastered pedestals to the ceramic floor so if you wanted to move the pedestals you would have to remove all the tiles with it. The outside of the house was equally as disgusting all the windows would have had to have been replaced. And lets not talk about the left over food which was left over in pots on the stove which was now growing old because the house has been on the market for 57 days. Bathrooms would have also had to be redone since the sink was cracked and toilet bowl itself was stained yellow.

Anyway, I managed to talk to a contractor who was viewing the home with another family he quoted us 80k to remove the elephant heads, replace the carpet, install new tiles fix the bathrooms. That’s not including the basement, kitchen, windows, doors etc.

Oh and I would have to call a landscaper to maintain the outside since it was clear the weeds had never been pulled!!!

It was obvious that they were forced out of their home with little notice. These ppl took what they could and left. Regardless, there was no excuse for the filth, left over cat food, stains in the carpet spilled food in their pantry cupboard, dirty bathrooms, that was their way of living and I was appalled that these people also had infants living in the home under these conditions. I can’t begin to understand how anyone can purchase a home and not maintain it. Apparently, according to the listing agent, the family is now renting an apartment in Brampton.

BRAMPTON?!!! And that’s exactly why agents advise against purchasing a home in Brampton!!!!


Sorry to hear the house was left in such condition. I’m curious as to why the house is listed with all the filth inside the house??? I remember when Hugh Jass was also looking at a POS house and had similar results. Why weren’t companies looking after the house once the owner’s left? I mean our house was in great condition and a few months ago a house in our line also went up as a POS and it was maintained by the same company and was totally cleaned out. Funny thing is during the winter months quite a few house in our neighbourhood went as POS and the way we figured out it was a POS by looking at the notice on the front windows/doors that was put up by the maintenance company. Just curious why it seems like 99% of the POS houses in our neighbourhood are maintained by these companies while other areas “disaster houses” are put up for sale?

[PTOC]

thats a good point. I looked at the notice that was posted around the hose it was posted bythe Sheriffs office. I"m assuming that perhaps the owners vacated the property on their own and there was no need for the bank to call a company to have the contents of the home removed.

I'm shocked. I couldn't sleep all night because of this house! This is in a well to do area in richmond Hill on Don Head Village other houses in that area are listed for 420 - 550,000.00

what area are the POS that you are referring to?

[l69norm]

...Sorry to hear the house was left in such condition. I’m curious as to why the house is listed with all the filth inside the house??? I remember when Hugh Jass was also looking at a POS house and had similar results. Why weren’t companies looking after the house once the owner’s left? ..

I don't think the owner of the house is legally required to move out until closing day. The problem being the owner can legally reclaim his house up until closing day by paying the bank the amount that is in default.

Suppose the bank cleaned up the house and then the owner subsequently reclaimed his house at the 11th hour. The owner could then sue the bank for disposing of his stuff.

[mmhassa2]

thats a good point. I looked at the notice that was posted around the hose it was posted bythe Sheriffs office. I"m assuming that perhaps the owners vacated the property on their own and there was no need for the bank to call a company to have the contents of the home removed.

I'm shocked. I couldn't sleep all night because of this house! This is in a well to do area in richmond Hill on Don Head Village other houses in that area are listed for 420 - 550,000.00

what area are the POS that you are referring to?

It's in South Ajax. There have been atleast a handful of houses that went on sale as POS just on our road and the one across it since we moved in last November.


I don't think the owner of the house is legally required to move out until closing day. The problem being the owner can legally reclaim his house up until closing day by paying the bank the amount that is in default.

Suppose the bank cleaned up the house and then the owner subsequently reclaimed his house at the 11th hour. The owner could then sue the bank for disposing of his stuff.

I understand that, but from seeing the houses in our neighbourhood it just makes more sense for a company to clean out the place to make a quicker sale. That's what the bank wants afterall, to sell the house and get their $$ back.