On Aug 11, 6:53*pm, "Oscar" wrote:
"Big Jim" wrote in message
...
Here in NJ you are considered a fool to buy/sell real estate without
an attorney. *I don't know where you are at but here's how it works in
NJ. *1.Seller places home for sale at a price. *2. Buyer likes house ,
makes offer. 3. If offer is reasonable, contracts are drawn up with
estimated closing date, guarantee of C.O. if necessary , buyer agrees
to secure funding, buyer can inspect home and reject *for defects and
so forth. *4.Attorneys review contract make changes if necessary. *5.
Buyer pays for inspections . 6. List of deficiencies is presented to
seller. *7. Seller agrees to fix some or allof them. *8. Buyer agrees
or walks away. 9. On closing day money changes hands and papers are
signed.. *Of course the lender can reject a home with major defects
and therefore buyer cant buy and deal is dead. *Just because you got
played doesnt mean everyone is like you. *I've sold and bought several
houses. I've rejected buyers for wanting too much and walked away as a
buyer when seller wouldn't fix things. . My current home is 1935
vintage. *Sure there may be some lead paint under layers of latex.
When I sell it I of course will repaint as necessary for appearance
but any buyer who thinks I will pay for total stripping etc can go
elsewhere.. *I dont care who his mortgage lender is.
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Jim,
You're talking a conventional loan, it has nothing to do with a FHA/VA
loan. You have no knowledge of a FHA loan, the more you try to explain
away, the more you show, you know nothing about FHA.
Here's a link to an example of an FHA purchase contract from the web:
http://www.kr-ba.com/FHA.pdf
Look at line 81 where section 8 begins. There is a check box for (a)
which requires the seller to deliver certain parts of the home in
normal working condition. Then look at line 116, where there is a
check box for the alternative (b), As Is - Property shall be conveyed
"As Is", with no warranty whatsoever as to property condition
So, clearly this example of an FHA contract has provisions for
selecting (b) and selling as is. If as is were not an option, why
is it right there in the boilerplate?