Angela Hardy

It is important to understand what "As-Is" means when it comes to a home for sale. Most bank owned homes and short sales are sold "As-Is", and with the current number of these types of sales listed on the market it is imperative that the home buyer understands what the term means.

Purchasing a home "As-Is" basically means that the seller (bank or owner) is not willing to make any repairs to the property. You are buying the home in it's current condition. That could mean that the leaky roof or faulty electrical will be your responsibility to repair after closing.

Every home buyer, but especially a buyer purchasing a home advertised "As-Is" should complete a home inspection. The results of the inspection will help you evaluate the condition of the property and alert you to any immediate repairs that need to be made, and any maintenance issues that will need to be addressed. After the inspection you have the option of canceling the contract (if you find more work than you expected) or proceeding towards closing.

Every so often an "As-Is" seller will agree to a repair or a price concession if a major safety issue is uncovered, but the buyer should go into the transaction understanding that the inspection is for their information only. Most often the seller of an "As-Is" property will respond to a request for repairs or concessions after inspection with "What part of As-Is do you not understand?".

Your Buyer's Agent should be well versed in the type of property you are purchasing (short sale, bank owned, estate, etc). The advice and guidance given by your agent can assist you in making a good investment decision (ie not taking on a project that is outside of your comfort zone or budget) and in successfully negotiating a deal on an "As-Is" home.

As a Certified Foreclosure Specialist, I am well qualified to assist both buyers and sellers in dealing with an "As-Is" transaction. I can be reached via email at angelahardy@pnwrealty.com or by phone or text at 425-210-1071.

From time to time I run across clients who become addicted to the thrill of house hunting. They enjoy combing through internet listings looking for just the right house - and the thrill of opening the door to find out if the photos tell the true story of the home becomes an undeniable rush!

House hunting should be fun! But don't make the mistake of forgetting that it should also have an end goal. I've had clients find the home they love on our second trip out to see homes, but then instead of making an offer - they keep looking. Six months ago that might not have caused an issue as the home would probably have been still available when they decided they were done looking. Today - not so much.

I recently had a client lose out on the home they really wanted - because they did not want to give up the search "just in case" a better home was out there. When that better home did not appear and they finally grew weary of the trips to view homes - the home first on their list was sold to someone else.

Know the warning signs:

• If you find yourself extending your search area to other towns or areas just to have more options to see - you might be addicted to house hunting!
• If you find a home that has everything on your "Must Have" list and you then make the list longer so that it includes items not at that house - you might be addicted to house hunting!
• If you stay up late, miss work or forget to shower because you are searching homes on line - you might be addicted to house hunting!

If the addiction becomes too much to overcome, consider getting your real estate license. Realtors house hunt for a living!

HUD owned (government owned) homes can be a great option, but they do have some hurdles that a buyer and agent must overcome in order to successfully get to closing.

Number one is that the agent must be a registered HUD agent in order to represent a buyer in purchasing the home. If you are considering buying a HUD home seek out a registered HUD agent to represent you.

The price that a HUD home in Snohomish County is originally listed for is what the appraisal for that home came in at. If there is a multiple bid situation and you wish to bid above the list price you need to be aware that you will have to pay the difference between the list price and what you bid in CASH. You will not be able to finance above the list price. There are ways around this requirement if you are using a rehab loan to purchase the property - ask your agent for details!

If you are in a multiple bid situation - you can still win over all the offers - even if they come in at the same purchase price - if your agent knows how to write the bid. There is an opportunity for your agent to structure the commission payment they receive to give you an advantage when they write the offer. Make sure your agent is savvy enough to know how the bids are analyzed so that they can make your bid the strongest!

Although HUD homes in Snohomish County are sold "As Is" - if there is a safety issue we can get those items fixed. The government does not want to sell you an unsafe home! Your agent should be able to write a request with language that will give the best chance of compeling the repairs.

There are strict timelines and paperwork protocols that MUST be observed when you are going under contract on a HUD home in Snohomish County. Ask if your agent has experience with the process - an inexperienced or inefficient agent can lose a home for you.

Don't shy away from HUD homes - just make sure that you have experienced representation and be prepared for some extra paperwork!

1. WHEN YOU HAVE YOUR HOME FOR SALE, DO YOU ONLY WANT SERIOUS BUYERS LOOKING? (People who look for a home during the Holidays are more serious buyers!)

2. ARE YOU INTERESTED IN GETTING AS MUCH MONEY AS POSSIBLE FOR YOUR HOME? (Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!)

3. YOU DON'T WANT TO LOSE MONEY ON THE SALE OF YOUR HOME DO YOU? (Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!)

4. DO YOU DECORATE YOUR HOME FOR THE SEASON? (Houses show better when decorated for the Holidays!)

5. WOULD $3K, $4K, OR MAYBE EVEN $5,000.00 EXTRA FOR YOUR HOME INTEREST YOU? (Buyers are more emotional during the Holidays, so they are more likely to pay your price!)

6. WILL YOU HAVE EXTRA TIME OFF WORK OVER THE HOLIDAY SEASON? (Buyers are just like you -Buyers have more time to look for a home during the Holidays than they do during a working week.)

7. ARE YOU AWARE OF HOW MANY NATIONAL AND INTERNATIONAL COMPANIES ARE IN YOUR AREA?(January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market.)

8. IF YOU COULD SELL YOUR HOME WITHOUT THE INTERRUPTION OF SHOWINGS DURING THE HOLIDAY, WOULD YOU SELL IT? (You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!)

9. ARE YOU INTERESTED IN SELLING NOW AND ONLY MOVING AFTER THE FIRST OF THE YEAR? (You can sell now for more money and we will provide for a delayed or extended occupancy until early next year!)

10. DO YOU KNOW HOW THE LAW OF SUPPLY AND DEMAND CAN BENEFIT YOU? (By selling now, you may have an opportunity to be a CASH buyer during the Spring when many more houses are on the market for less money! This will allow you to sell high and buy low!)

I was out on tour with a client this week. I called ahead to each seller, let them know when we would be by - and my client and I were right on schedule at each home. Imagine my surprise when I reached to unlock a door and the handle turned before I touched it!

Yep - there stood the seller with a big grin on her face "Come On In!" she announced. She supervised my client while she removed her shoes and then proceeded to follow us around the condo making random remarks about why she has her desk in the dining room instead of the spare room, how she enjoys living next to the community pool and how my client could rent out the included boat slip for extra income if she doesn't happen to own a boat to put there.

My buyer was extremely uncomfortable and could not get out of the property fast enough. Within seconds of leaving the property my buyer stated that this one was off her list of possibilities.

My advice to all sellers - GO TAKE A WALK! Too cold? Get in your car, park around the corner and listen to the radio while the buyer tours your home. Any information that you feel only you can deliver to the buyer to get them to fall in love with your home is far outweighed by how uncomfortable the buyer will be with your presence.

However anxious a seller may be to see an offer come through - inserting themselves in the showing process will not help! A buyer will long remember how they felt in a home - and you don't want that feeling to be awkward or uncomfortable.