Seller request???? advice please

8 Replies

Hey BP,

I was hoping to get some advice. Seller and I agreed to a price. I sent over the "Contract for Sale and Purchase of Real Estate" agreement for the Seller to look over. Seller agreed with pretty much everything, but wanted me to add a clause saying that the property is being purchased "As is". Is this something that I should add? Will this effect anything?

Keep in mind I talk to the neighbors and found out he is a slumlord and had tenants living in not so good conditions. And they told me of other issues with the property that of course Mr seller didn't disclose during walk thru. Its ok I still have it at good price (50% of Arv).. He is selling off some of his properties rt now to deal with less headaches, he says.

What should I do?

Get it under contract yesterday, then do your due diligence.  As-Is should not scare you off from a great deal. 

Hey Jeff,

Congrats on getting a house under contract! The seller's request of adding an "as-is" clause to the contract should be no problem at all for you. Often times the fact that we as wholesalers can purchase properties "as-is" helps us get a lot more deals from sellers.

With that said, be sure to do a thorough inspection of the property so that you have a good estimate of what repairs are needed and how much they will cost. It sounds like you got it at a good price too, just make sure the numbers still work after you factor in repairs.

Good luck and let us know how we can help!

As Is ensures you get it at a nicely discounted price. I presume you have an inspection time contingency. If you are really concerned about something bring out your contractor or other pro to have a look. I've very successfully renegotiated the price after inspections uncovered issues.

I didn't think it would hurt, I guess I just write "This property is being purchased As is". 

Thanks for your help @Gary and @Jason McDougall

Hopefully the numbers pan out after inspection. He also asked for a binder? I'm thinking that's earnest money. But the contract doesn't have a line to separate the 10 dollars so I added to the agreed price (i.e $50,010) then put $50,000 due at closing.

Should I just use another contract?

I plan to be ready to renegotiate if I find anything crazy. My main concern is what I may find under the house, it has a crawlspace. Everything else is in decent shape. Thanks @John Wojciechowski

we have it in our contract "as-is" but we also have subject to inspection.

make sure you have that inspection clause in there.

Originally posted by @Jeff Ford :

Hey BP,

I was hoping to get some advice. Seller and I agreed to a price. I sent over the "Contract for Sale and Purchase of Real Estate" agreement for the Seller to look over. Seller agreed with pretty much everything, but wanted me to add a clause saying that the property is being purchased "As is". Is this something that I should add? Will this effect anything?

Keep in mind I talk to the neighbors and found out he is a slumlord and had tenants living in not so good conditions. And they told me of other issues with the property that of course Mr seller didn't disclose during walk thru. Its ok I still have it at good price (50% of Arv).. He is selling off some of his properties rt now to deal with less headaches, he says.

What should I do?

When the seller says it is being sold "AS IS" I believe he means he is selling to you in its current condition and he will not be responsible for any repairs. You can add an AS IS clause and request time for an inspection 7 or 10 days and terminate sale based on inspection report. 

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