So...I am thinking about buying a fixer upper to have as my residence. I've been looking online at some of the offerings in the area. 'I have questions that I need assistance with.
First...What is the shortest time from putting in an offer to actual closing?
Second...What happens if something like (vandalism, etc)....occurs with the empty dwelling during the waiting time for closing to finalize? Will I be able to get my money back...or is there some type of insurance required during the pre-closing phase that will offer protection?
The house belongs to the seller till the closing is final. You can back out till you sign the paperwork. Do a inspection the day of the closing to check for damage or that squatters have not moved in.
.........................as is means as is .............stupid.
At one time I was a residential mortgage banker before the 2008 meltdown and then switched to commercial real estate finance .Completed about 650 residential closings personally, been involved with thousands more in the Offices I worked at and held a Real Estate Brokers license for years. A home being offered "As Is" is inferred to be offered without Seller Warranty for any number of potential catastrophic issues with improved real property.
A Purchaser will often choose to have their Agent draft a contract containing provisions for a multitude of specific items such as home inspections, appraisals, engineering structural inspections, financing contingencies, Warrantable Title, termite and pest infestation inspections which will allow for the Purchaser to rescind the purchase agreement without penalty during the allotted inspection period.
What matters are what the terms of the executed contract for the property are not what was originally being offered at time of listing i.e. "As Is" verbally or in writing by the Seller or Bank REO Agent.
As mentioned It would make sense to request have a home inspection done on the property and then have an experienced and trusted contractor go through the problems and what the cost to cure will be.
As stated by others the insurance covering hazards and fire to the property are the responsibility of the current owner until settlement occurs.
If the market is such that the Seller will not accept a contract with contingencies, then the price of the real estate should be reduced accordingly.
Institutional Mortgage Lenders will require the home to be in generally good repair with no outstanding major defects which will likely be required to the be cured prior to closing rather than having money held in escrow to correct the defect.
Best advice I can offer is be circumspect and expect worst case scenario and expect the other side of the settlement table to be less than truthful.
Shortest time to closing is typically several days on an all cash offer unless the Title Work has been completed prior to executed purchase contract. If financed through institutional lenders expect 30-45 days/
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Hey VS Admin. Do ya think this past post might just be one of those "security issues" that the almighty cloud whatever is supposed to take care of? I searched back through the history of this profile and there's a history of nonsensical posts with links to other sites. I've reported this post and I'm sure others have too. So why hasn't it and the user been deleted?