Worst Case Scenario ("As Is" Home Purchase)

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Here (Rochester NY), my lawyer charged a flat $400.00 to handle all my home purchase paperwork. I don't know what others charge, here or elsewhere, but it seems worthwhile. Are you considering making the purchase without legal representation?
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:
: : :> Apologies again for making this so long, but I've gotten some good :> advice here over the years and would appreciate "What's the Worst That :> Could Happen?" answers. : :I happened to read this post out of curiosity. Thought I'd chime in here :with a ridiculously basic thought. I assume you don't know these people :from Adam. Since from the way you've put it, there appear to be mildly :"fishy" elements, do you know for a fact that the "elderly bachelor :brothers" are who they say they are and that they own the house? : Having bought a fixerupper (that I'd rented for 17 years) I'll chime in. At least when I bought (and I think this is standard), the purchase involves an escrow officer and what's called "title insurance." You pay for title insurance, which assures you (up to a cash limit, hopefully approximating what you pay for the house) that the house is indeed owned by the people who appear to be selling it to you and that you are the title holder after the transaction. This process tends to eliminate the danger of a bogus transaction.
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just tell the owners that you love the house & want it. but just for piece of mind & because of past problems want to have someone look over the stuff you have little knowledge over. they should understand completely & if they have nothing to hide wouldn't mind one bit.. you are paying for the inspection not them. if they do have something to hide then you probably don't want the house anyway.

and
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snipped-for-privacy@yahoo.com wrote:

"Increasingly crime-ridden." IOW -- bad as it is *now*, it's getting worse. Why would you want to live there?
Walk away. No, scratch that. Don't walk. Run.
--
Regards,
Doug Miller (alphageek at milmac dot com)
  Click to see the full signature.
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"Increasingly crime-ridden." IOW -- bad as it is *now*, it's getting worse. Why would you want to live there? "
That was my thought too. Here you have a single woman in her 50's and she's thinking of moving to this kind of area? If it was a poor area on it's way back, then I'd consider buying it, maybe for a rental.
A lot of other things here are a little fishy too. Like the asking price being real cheap. Why would someone with buyers allegedly waiting in line want to sell it below fair value? And one thing is for sure. I would walk on any property where I was not allowed to do an inspection. Selling it "as is" is fine, but that has nothing to do with allowing a professional inspection so you can find out what condition it's really in. If she wants to go ahead with this, and is worried about the sellers reaction if she says she wants an inspection, I wouldn't mention an inspection to the sellers. Just draw up a contract for sale with a good inspection clause in it and present it to them. See what happens.
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worse.
Translation: "a lot of jigs and spics in the area and they're breeding more"
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Wow, I'm impressed and persuaded by the articulate and thoughtful responses I got from posters and want to thank you all again.
Something I learned this morning is the amount of "private eye" work you can accomplish by doing a utilities-history check of the property and going to the zoning or code enforcement office and asking if permit applications by the home seller are public domain.
This morning, after making the post, I learned that the property (in an area severely flooded thirty-five years ago) per the sanitation authority, was considered a "double block!" It's a BUNGALOW, so I started asking questions about whether what I thought was a bungalow began its life as a double block but ended up as a one-story three-room home because it was the only salvageable part of a formerly huge house.
While the municipal code inspector read me the reports of permit applications over the years, he was of the opinion that all was not right with any home sale that did not provide legal documentation of having been subdivided, no matter whether the bungalow was the remnant of an ancient flooded double-block or not.
So I identified (without the cost of an attorney, whose services will be needless if I don't end up buying the home) two potentially big-ticket issues, the lack of a subdivided lot, and the fact that this home, no matter how often it has been painted, more than likely is infected by thirty-five year-old mold because of having been in the flood plain AND never having its interior cladding torn down.
I am very glad I made the post and grateful for the helpful people who responded, particularly Doug Kanter and Doc Holliday.
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Flood and weather disasters seem to hit areas on a 30-40 year intervals anyway and this year has been a doosey. This spot is probably due. Glad to see you found the real reasons to stay away.
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You're welcome.
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The house we're in right now was bought contingent on an inspection that turned up two cracks in the furnace heat exchanger. There was haggling as a result, but we ended up seeing $1800 off the sale price.
Given the history of flood, I would not buy without an inspection. If the seller balk, I would walk. There are always other homes in nice neighborhoods, and it sounds like your chances of actually getting this place are iffy.
--
Life. Nature\'s way of keeping meat fresh. -- Dr. Who


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<snipped>

Most sellers who have sold a home utilizing the home inspection process are somewhat cynical because most buyers expect the seller to correct everything the inspector finds. They use the inspection report to renegotiate the price. If on the other hand you explain to the sellers that you lender requires or you need it for your piece of mind and you will use it only to proceed or cancel the contract if more X amount of items or $ are discovered they should be fine with that.
Your lender will require a full title report before proceeding. Any research you do along those lines is a waste of your time unless you are plopping down a large earnest money deposit. You are paying for the title report and should receive a copy of it.
Your lender will also require an appraisal of the property. You are entitled to a copy of that since you are paying for it.
The tax rolls will provide you with a sanity check about the value of property in the area.
Only you can judge the area and the quality of life you might have there.
Colbyt
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