Columbus Ohio REO Services

If you do not understand the concept of "As Is". Do a web search or see below .

See - Instructions To Agents Tab above - before submitting any offers

Attention REALTORS !!  Please, print and review the Agent to Agent Remarks Report -Print it, sign it, and fax it with the offer.
Click here for a list of Rehab Lenders
Most REO properties will not pass an FHA or a VA and most conventional appraisals. I strongly recommend using a Lender that does rehab or construction loans. Or a 203k loan.
Bank Title Agencies charge higher fees to Buyers Than Columbus area Title Agencies. Be prepared for that when you see the HUD statement.

NOTE: THE PURPOSE OF THE BUYER'S INSPECTION(S) OR INVESTIGATION(S) IS TO DETERMINE IF HE OR SHE WISHES TO PROCEED WITH THE PURCHASE OF THIS PROPERTY.
IT IS NOT FOR THE PURPOSE OF CREATING A LIST OF REPAIRS FOR THE SELLER. IT IS THE SELLER'S POSITION THAT THE NEGOTIATED PRICE REFLECTS THE PRESENT "AS IS" CONDITION OF THE PROPERTY. SELLER WILL NOT PAY FOR REPAIRS OF ANY KIND UNLESS OTHERWISE AGREED TO IN WRITING, IN ADVANCE
. REQUEST TO TURN ON UTILITIES FORM to have utilities turned on in the Buyer's names for inspections. MCB (BLB) version.
For MCB/BLB properties, Please note that utility activation forms may be submitted with the contract package, however inspections are not to be completed until after the contract has been signed by the seller. Please note that when the form is approved, the utilities are to be activated in the buyer’s name and the buyer will be responsible for any expenses associated with activating or turning off the utilities. Utilities are also to be
turned back off after the inspection is complete.  Buyer Home Inspections
ALL properties are sold “as is”. For a comprehensive definition of “as is”, the Sellers Addendum spells out the terms of the sale with regards to property conditions.
Property inspections are encouraged to determine property conditions. However, there is no guarantee utilities can be turned on for the inspection.
That is dependent upon the nature and expense of the repairs needed to activate utilities. This is at the sole discretion of the seller. It is not at the discretion of the buyer or the lender. There are alternative methods for testing mechanical and plumbing systems which should be explored by the buyer if utilities cannot be activated. The buyer should contact a licensed contractor to explore alternative testing possibilities, if necessary.   -   DEPOSIT check held by Sellers Title Company - certified or cashiers check only

 'As is' ..........

From The Columbus Dispatch
Sunday, August 2, 2009 3:12 AM
By Terri Rupar
The Washington Post

" .. Take it or leave it, the two small words say."

"When a seller lists a home "as is," it means he can't or won't negotiate with the buyer over any fixes or credits. The buyer can get an inspection and make an effort to know what problems there might be, but he's agreeing to take it without repairs.
..........."
"But if a seller adds the "as is" clause to the contract, and the buyer agrees to it, nothing except the smoke detectors, which are required by local law, needs to work properly."

"They're saying, 'Come get it. Come look at it,' but under the contract, I'm not required to repair anything,"

 Your Foreclosure Specialist

The Pritchard Team

Top Listing Team 2004, 2005, 2006, 2007, 2008, 2009
Coldwell Banker King Thompson 

Polaris Office

614-547-8337

 "AS IS"

All REO properties are sold "as is with the seller to make no repairs." Usually the seller has a corporate addendum with "as is" clauses that the buyer must sign as part of the sales contract. Most REO properties have been acquired by the selling corporation (seller) through foreclosure. These properties may have been neglected during the foreclosure process.

The seller doesnot provide a sellers disclosure statement. Information regarding how the former owner maintained the property other than as evident by the current condition of the property is not available.

The seller has considered the "AS IS" condition when establishing the asking price. Each corporation has a number of days they allow for inspections (except for VA contract that has no contingencies). The cost of all inspections is the responsibility of the buyer. If as a result of the inspection the buyer feels the property needs more repair than expected and notifies the seller's agent within the number of days allowed for inspections, the buyer may withdraw the offer to purchase (except for VA contract that has no contingencies). The sellers seldom renegotiate the sale price after the inspections.
" ............. then Buyer, as Buyer’s sole option, may terminate the Agreement and neither party shall have any further obligations under the Agreement. As a condition to Buyer’s right to terminate the Agreement prior to the Inspection Period Deadline, Buyer agrees to submit to Seller any and all written reports resulting from any inspections conducted or ordered by Buyer within three (3) calendar days following the close of the Inspection Period Deadline. Upon receipt of such reports, Seller will immediately refund the Deposit to Buyer."

Any repairs to the Property identified by Buyer or which may be required by Buyer’s Lender (collectively, “Repairs”) are the sole responsibility of Buyer. Seller shall have no obligation to make any Repairs to the Property whatsoever. Buyer agrees not to enter the Property prior to the Closing Date for the purpose of making any Repairs or any other alterations without Seller’s express prior written consent.