Does “As Is” Mean I Can’t Have A Home Inspection?

Most foreclosures and short sales are sold “as is”.  Many homebuyers are confused as to what this means for them.  I am often asked whether this means that they won’t be allowed to have the home inspected.

You will be able to have a home inspection but it will be for informational purposes only.  This means that the seller will not perform any repairs if something shows up in the inspection.  However it is important for you to have the home inspected anyway so that you will know what problems you might have to deal with.   Also, I like to write into the offer that the contract will be contingent on a satisfactory home inspection.  That way if something is found that the buyers are not prepared to accept, they will have the opportunity to declare the contract null and void without penalty and their earnest money deposit will be returned.  Some banks have similar terms written into their addenda.

In addition the home inspector may find something that needs to be repaired that the lender such as FHA will not accept.  In this case the loan will not be approved unless the repair is performed by the seller before closing.  Sometimes the bank will agree to perform the repair, but other times they won’t and the contract will fall through.  Homes that will obviously need a lot of work are good candidates for FHA 203K loans, in which the cost of the repairs is rolled into the mortgage up to a specified amount. 

When you are considering the purchase of a distressed property, a home inspection is especially important.  Remember the owners of these properties have been struggling for sometime to be able to hang on to their homes.  It was all that they could do to make the mortgage payments, and their was no extra money for repairs.   Routine maintenance has been deferred.  Even the rare foreclosure that appears to be in move in condition may have unseen issues.

There are some great deals on short sales and foreclosures in our area, email me if you would like a list of distressed property listings in any of the central Virginia areas.

Buying A Charlottesville Foreclosure Multiple Offers

Buying A Foreclosure In Charlottesville – How Much Should I Offer

Buying A Charlottesville Foreclosure 

Copyright 2012 by Pam Dent, all rights reserved “Does “As Is” Mean I Can’t Have A Home Inspection?“

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Why You Should Use A Horse Property Specialist To Buy A Charlottesville Horse Farm

There is a wide range of Charlottesville horse farms for equestrian buyers to choose from.  Sorting through all of the Central Virginia farms that are currently on the market requires more than being able to evaluate the homes.  There are so many factors that go into the make up of the perfect equestrian estate.  What may be the ideal property for a pleasure rider may not meet the needs of a hunter/jumper professional.  It is helpful to have the guidance of a real estate agent who can combine the knowledge of real estate with the experience of the professional horseman.

First Published at Charlottesville Horse Farms.   Written by Pam Dent.

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A Charlottesville Seniors Real Estate Specialist Can Assist Equestrians

You may have heard of using the services of a seniors real estate specialist to help seniors with their transition as they downsize or move to an age restricted home.  However an equestrian may not feel that a real estate agent with a SRES designation would be a good choice to help them.  But  what about if you could find a seniors residential specialist who was also a horse property specialist?

Helping Equestrian Seniors Move

Downsizing with horses has its own challenges.  It may be a difficult transition if you are used to totally caring for your horses yourself.   Or you may be used to having a large farm with many horses and are faced with whittling down the numbers to just a few.  Your seniors real estate specialist – horse property specialist will guide you through your options.  He will be able to assist you with the sale of your farm and find professionals who can help with packing and also the sale or donation of extra farm equipment.

Equestrian seniors may still wish to maintain their equestrian activity at some level.  They may just wish to find a smaller farm with less acreage to take care of and an easier barn to work out of.  Or a home in an equestrian community could be a good choice.  Another option would be boarding your horses and letting someone else be responsible for the care.  If you are from out of the area, a horse property specialist can help you find the barn that is closest to where you want to live that would be a good fit for you and your horses.

Downsizing with horses is a transition in an equestrian’s life and a Charlottesville seniors real estate specialist can help, especially if they are an equestrian property specialist as well.

Copyright 2011 all rights reserved by Pam Dent  “A Charlottesville Seniors Real Estate Specialist Can Assist Equestrians“.   Written by Pam Dent.

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Central Virginia Farms Real Estate Market Report – May 2011

This Central Virginia Farms real estate market report will examine the sales of properties containing ten or more acres in the Central Virginia counties of Albemarle, Fluvanna, Greene, Louisa and Nelson,during May 2011.

May 2010 average list price $743,800.
May 2011 average list price $651,950.

May 2010 average sale price $680,000.
May 2011 average sale price $528,475.

May 2010 median sale price $635,000.
May 2011 median sale price $390,950.

May 2010 %sold/list 91.42%.
May 2011 %sold/list 81.06%.

Central Virginia May farm sales

1/1/2010 – 5/31/2010, 42 Central Virginia farms sold.
1/1/2011 – 5/31/2011, 38 farms sold on the Central Virginia real estate market.

The above figures are from the mls and while they are presumed to be correct they are not guaranteed.

Copyright 2011 by Pam Dent, all rights reserved “Central Virginia Real Estate Market Report – May 2011“.

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This Albemarle County VA real estate market report will focus on the sales of farms during March 2011.

Since Albemarle farms can run the gamut from a minifarm to a working Charlottesville farm, for the purpose of this report we will consider all property sales in Albemarle County of at least 10 acres.

March 2010 average list price $810,950.
March 2011 average list price $1,090,000.

March 2010 average sale price $687,500.
March 2011 average sale price $1,075,000.

March 2010 median sold price $662,500.
March 2011 median sold price $1,110,000.

March 2010 %sold/list 84.77%.
March 2011 %sold/list 98.62%.

Albemarle County VA Farms Sold March 2011

1/1/2010 – 3/31/2010 farm sales – 10.
1/1/2011 – 3/31/2011 farm sales – 8.

Albemarle County VA Farm sales & inventory March 2011

As you can see the sales of Albemarle farms continue to be very slow.  Today April 8, 2011 there are 135 Albemarle farms listed in the Albemarle County real estate market.  At the rate of only 8 farms sold in the first quarter of 2011, it is obvious that activity will need to pick up considerably to sell down the inventory and get us back to a balanced market.  However opportunities abound in the current market for buyers.

The above figures are from the mls and while they are presumed to be correct, they are not guaranteed.

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