Here are some terms and conditions that are guaranteed to make most sellers smile and all buyers wince:
All offers are CASH OFFERS and are not subject to any contingencies whatsoever. Seller reserves the right to accept, reject, or counter all offers, within 24 hours of the auction. Buyers are buying the property in its present "AS IS, WHERE IS, HOW IS" condition, with all faults-known or unknown, whether disclosed or not disclosed. The seller, Realtor and auctioneer do not offer any warranties, or representations, of any type, now or in the future. It is agreed that the buyer will not sue for any non-disclosure or errors. Sellers of the property or any agent or representative make no warranties as to the accuracy and completeness of this information. All Verbal announcements on the day of the auction take precedence over written material. No BUYERS PREMIUM!
As liquidation auctions, short sales and REO listings hit the market in bigger numbers than ever before, times are changing. For any buyers who believe they have control because it is a buyer's market you are in for a really big surprise. The seller actually might be a bank, an REO asset manager or an auctioneer hired to merely dispose of the property. They don't know the property, they have not lived there, and if they do know about an adverse condition they have no plans to tell. Times are tougher these days and owners aren't going accept offers that could contain terms that could be a liability in the future. They just won't sell unless you sign off and hold them harmless after a closing. Simply put, in exchange for your dollars, you get the property without any promise of what you bought or what you thought you bought is what you bought. This is referred to in legal terms as Caveat emptor, Buyers beware.
It was common prior to the early 80's that a holder of real property, be it the owner or whoever, did not have to tell you anything as to the conditions or defects. The burden was on the buyer to discover what condition the property was really in. Then, for the past 20 years the burden was shifted to the seller, who knew the property, to disclose any known defects. It now appears with all the foreclosures, short sales and auctions we have come full circle. The owners of these properties are writing themselves out of any responsibilities by refusing to sell unless your release them from responsibility, even if they know something, they are not telling. So buyers... be certain you know what you are bidding on before thinking you got the bargain of the century.
Are you searching for homes to buy in Viroqua or Vernon County Wisconsin
call Mary Strang therteam.com RE/MAX Hill Country Realty 608-637-3599
They say that with non-judicial auctions you have to be really careful because you may buy all its problems at auction, plus liens.
Barbara, So true, darn if you do darned if you don't. Right now there are lots of bargains in Real Estate so buyers should be careful and fully inspect.
Out here banks and sellers who have not lived in the property are exempt from the transfer disclosure statement. I think that instead of making them exempt, they should require them to get a home inspection from a qualifed home inspector and provide such as their disclosure. Take responsibility for the property you own.
Jim, I totally agree, the liablity falls on the agent after the lender had been paid off. Some E&O are starting to not want to cover REO property.