Updated over 1 year ago on . Most recent reply
First Time Buyer - Duplex House
Hello everyone,
My partner and I are new to the real estate scene and are currently in the process of submitting an offer to a multi-property in Essex County, New Jersey. The house looks in good condition and is listed as 'sold as is'. While I have some basic knowledge, any advice or tips for the purchase process would be greatly appreciated.
Asking price: $460,000
Mortgage Type: FHA / Fixed Rate / 30 Years / 3.5%
Unit 1: Primary ($1700)
Unit 2: Tenant ($2000)
Most Popular Reply
Hello Jean:
Make sure to review the rent control laws in the city. In addition, get copies of the tenant leases or even expired leases if the tenants are month-to-month as those terms carry over. Get written proof of rent payments for the units, and you could try to get tenant estoppels. This is a guide I created for steps after the closing - but it may also shed some guidance on proceeding in that direction.
"As-is" does not have any clear specific meaning (in fact, if you look at Paragraph 16 of the standard NJ contract you will see every sale with a Realtor is listed as that). Although some may disagree, I believe it only means seller is not agreeing in advance to any repair - though you should be careful because people interpret it different ways. I always add the following in attorney review just in case people think it is a waiver: "Any references to "as-is" or "informational purposes" in the Contract or any riders shall neither void nor limit any rights relating to inspection contingencies, including Paragraph 16 of the Contract, and final walk-through." I wrote about this here - https://www.earlwhite.law/sell-house-as-is-new-jersey/#selli...
If you had any specific questions - feel free to share.