Congratulations! Great picture, Gpa!

Heh. The company that manages that house doesn’t seem to understand how 1031 exchanges work. They also think the house is a lot nicer than we do.

No prob. Let’s see if it sells over the winter. If it’s still around in March we might submit another offer.

One thing they rejected is the requirement that they repair the sinking foundation. I pointed out that they now know about it and have to disclose it, (I have a license), and if it can’t be fixed the house will have to be demolished.

We’ll see.

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They also think the house is a lot nicer than we do.

Ahh yes. That's what it always said about "for sale by owner" -- that the owner thinks the house is worth more, and has fewer problems, than is actually true.

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One thing they rejected is the requirement that they repair the sinking foundation. I pointed out that they now know about it and have to disclose it, (I have a license), and if it can’t be fixed the house will have to be demolished.

Good call. Hopefully they will start to recognize reality.

In the meantime, are you still looking in the area? How much longer will you be there?

I'm home now.

The Realtor we are working with will be sending us new listings as they come up. I think we might be better off to wait until after Christmas to start actively looking again.

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wait until after Christmas to start actively looking again

What's your timeline for actually moving? Are you planning on having two residences, or just moving once and for all away from CA?

2 years, maybe fewer if everything falls in to place. If we buy a house now the plan would be to rent it out until it is time for us to move.

Ahh, that's a great timeline because you can be as choosy as you like!

Having never sold a house, but planning to in the next couple of years, I worry about stuff like this. Steve, what are the hazards of selling a house "as-is"?

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Originally posted by piqué:
Having never sold a house, but planning to in the next couple of years, I worry about stuff like this. Steve, what are the hazards of selling a house "as-is"?

It depends on your buyer. If you are selling “as is” I am not the buyer you want. I want to make sure that whatever flaws your house has are your responsibility to fix, and I pretty much know what I’m looking at. I am going to want a reduction in price to cover whatever problems I find and I am going to want to fix a cost for repair before I commit. That may be worth it to you - you have no responsibility if I agree.

OTOH I’m not going to screw around with nonsense like countertop materials or paint colors and I’m willing to pay for quality construction and maintenance. Seems to me you were the same when you bought your house. That makes me a strong buyer.

It’s important to note that selling “as is” does not mean you don’t have to disclose. You do. If the living room fills with water every spring you have to disclose or face a lawsuit you will most definitely lose. I can’t imagine you would do that, but many would.

In most areas, the system relies on the house inspector. His/her report becomes the outline for negotiation. It seems to me your purchase went that way. As is is fine, but the inspectors report informs the buyer as to what buying “as is” means as far as this particular house.

Bottom line is no worry. The system works pretty well. Be upfront and honest and it will all work out fine.

It’s amazing how much of life is like that.

I could not possibly sell someone else my problems. Same as stealing.

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Originally posted by piqué:
Having never sold a house, but planning to in the next couple of years, I worry about stuff like this. Steve, what are the hazards of selling a house "as-is"?

Not sure why you would list “as is”, as long as you price it at what it is likely worth for its age and shape and location, leaving some drop the price wiggle room for what the inspector might find? People don’t generally purchase older homes expecting everything to be perfect. Things aren't even perfect in newer homes. To me, “as is” means there is something seriously wrong with the house. Not every buyer is like steve, who can wait for just the right property. Our second house purchase had failing LP siding on it,(which was disclosed) but we bought it anyway and replaced the siding after. I think we got some cash via the sale to help with that. We were willing to do that because the price and location were right for us.

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Originally posted by Steve Miller:
It’s important to note that selling “as is” does not mean you don’t have to disclose. You do. If the living room fills with water every spring you have to disclose or face a lawsuit you will most definitely lose.

That depends on state law, and state laws on this subject vary. In some states, disclosure is not required.

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Originally posted by Mikhailoh:
I could not possibly sell someone else my problems. Same as stealing.

I'm totally with you. It's an ethical problem.

To my mind, the concept of selling "as is" is more a declaration of "we know there are problems and we've already set a price to account for that, so don't hock us to lower the price when you find the problems we already know about and have priced in".

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I could not possibly sell someone else my problems.

I agree. Unfortunately, I don't think everyone is this conscientious.

Re "as is" -- from a buyer's point of view, when we were house hunting, whenever I saw a house listed as "as is" I took that to mean two things: 1) what Quirt said, that the seller recognizes the problems and so the price advertised is pretty firm. And 2) that the problems are not your "run of the mill" older house problems. So I might have been wrong, but whenever I saw a house listed as "as is" I assumed that it wasn't ready for move-in or immediate occupancy. I generally looked through photos for those listings, but every house I saw that was listed "as is" was either in need of significant repairs or significant remodeling (like, horrible wallpaper everywhere, no updates to kitchens/bathrooms, ugly carpet throughout, etc.). So as it happened, we never went to see any houses that were listed as "as is" because we could tell from the photos that they would require much more work than we were willing to do.

For the house we bought, as you probably remember, Mr. SK painted every single room, hallway and stairwell, and we had flooring installed in one room. Oh and we had the HVAC system replaced. So while those all required significant time and money, the house wouldn't have been listed as "as is" -- at least not in this market. Oh and the bathrooms had all been re-done, and the kitchen, so all fixtures and appliances were relatively (or very) modern/new. So, again, not what I'd call "as is."

piqué what makes you think you'd list your house "as is"?