Seller's Addendum
I've noticed the REO's listed on MLS all have seller's addendum listed on pre-qual for offers. Does that mean I have to sign their addendum or do I have to provide one? I assume it means basically "As-Is", no rights after the sale to hold the lender responsible for unknown or known defects, and in order to make an offer I have to be able to sign this addendum?
Please advise.
Thanks
Sickdog
Hello. I'm a Realtor in OH and I have the answer to your question.
You are correct that all REO's on the MLS require an addendum that basically is "As-Is" condition, etc... They will provide this for you and it is about 10-12 pages long. You do NOT have to sign this while making the offer. Your purchase contract should say "Buyer understands that property is being purchased in "as-is" condition. Addendums to be signed upon acceptance of purchase contract." Use this wording and you don't need to sign until your price\terms are agreed. The reason this is okay... If there are several bids on a property, it would be a paperwork nightmare to have everyone sign the addendum first. It is just too much paperwork for nothing if they don't like your price, etc... Hope this helps.
Happy Investing,
OHhouse :-D