What You Need to Know Before Buying a Home “As-Is”

In the housing market, if someone sells you a lemon, squeezing out some lemonade could mean wringing out your wallet as well. Purchasing a house in “as-is” condition means that there are no guarantees from the seller on the home’s physical condition; you’re accepting any faults that might exist.

However, “not all as-is properties are distressed,” says real estate agent Katie Messenger of Bello Dimora Real Estate Network. Financial concerns are a common reason that sellers choose to list a home as-is, removing them from the responsibility of repairs and the sometimes costly fixes from home inspections. Or sometimes, the seller lives elsewhere and doesn’t want to deal with managing the repairs before selling.

“Other times the house is in good condition, and it’s an estate, so the executor may just want to sell the home and move on with as little hassle as possible,” Messenger says.

When buying a house as-is, how can you be sure you’re getting a deal and not a dud? In-House Realty broker Rosanna Rivera shares what you need to know before buying a home as-is.

Insist on a Home Inspection

“Every single home buyer in America should obtain a home inspection before buying a home,” says Rivera. “Not only is a home inspection a crucial element, but as any real estate agent will tell you, it offers disclosures that an agent can’t provide.”

Even with a home inspection, the responsibility to disclose any known issues still remains with the seller. Obvious defects should be apparent in the home inspection; however, sellers must acknowledge any known hidden defects in the property disclosure form. If an expensive repair need is revealed in the home inspection that’s much pricier than what the seller originally disclosed, then the buyer has the option to walk away.

An HGTV star who’s invested in over 100 properties reveals the most important money move to make before buying a …

One of the biggest
challenges is that once somebody realizes that theyre ready to
buy a home, then they realize that they havent prepared
properly, says HGTVs Scott McGillivray.
Malcolm Taylor/Getty

Youve cut back your spending, researched your favorite
neighborhoods, and have started saving upfor your dream home.

But no matter how much cash you have, before you begin the
homebuying process its important to get your finances in order,
says Scott McGillivray, the
host of HGTVs Income Property and a real estate expert
whos invested in over 100 properties.

One of the biggest challenges is that once somebody realizes
that theyre ready to buy a home, then they realize that they
havent prepared properly, and it takes a while, McGillivray
told Business Insider.

Outside of saving up enough cold hard cash to afford a down
payment — ideally, 20% of the sale price of the home — that means
also understanding where your credit score is and how to improve
it (or maintain it), getting pre-approved for financing, and
talking to an adviser or broker to determine if youve set a
reasonable budget, McGillivray says.

It doesnt sound appealing, but theres definitely some
sacrifices that need to be made, he continues. You cant
just be frivolous and then expect to be able
afford to buy a home.

Harrisburg, IL woman pleads guilty to bankruptcy fraud

HARRISBURG, IL (KFVS) –

A Harrisburg, Illinois woman pleaded guilty to bankruptcy fraud.

Charges were filed against 51-year-old Rietta M. Miller on January 30 as part of the US Attorneys Offices effort to crackdown on those who commit fraud in the US Bankruptcy Court for the Southern District of Illinois.

Miller was charged with concealing assets in her bankruptcy case.

In pleading guilty on Friday, February 17, Miller admitted that she concealed from the Bankruptcy Court a $47,736.12 workers compensation settlement she received approximately one month before she filed bankruptcy.

Miller acknowledged that she tried to conceal this money from the Bankruptcy Court by moving the funds in and our of her bank accounts. She also admitted that she lied on the bankruptcy petition and schedules she filed with the Bankruptcy Court, and again when she was asked questions under oath at a Meeting of Creditors held in your bankruptcy case.

Millers chapter 7 bankruptcy case was filed and litigated in the United States Bankruptcy Court in Benton, Ill.

Her sentencing hearing is scheduled for May 18 at 10:30 am at the federal courthouse in Benton, Ill. The crime of concealing assets in a bankruptcy case is punishable by up to five years of imprisonment, and/or a $250,000 fine, not more than three years of supervised release and restitution.

The charges resulted from a referral by the US Trustee for Indiana and Southern and Central Illinois to the US Attorney for the Southern District of Illinois.

The investigation was conducted by agents from the Springfield Division, Fairview Heights Resident Agency, of the Federal Bureau of Investigation, in collaboration with the Southern Illinois Bankruptcy Fraud Working Group coordinated by the US Trustee.

The case is being prosecuted by Assistant US Attorney Scott A. Verseman.

Download the KFVS News app:iPhone|Android

Copyright 2017KFVS. All rights reserved.