California Residential Purchase Agreement
What does an as-is home sale mean? It depends on whom you are talking to. Our California Residential Purchase Agreement says the home seller is not obligated to make any repairs to the home she is selling. Unfortunately, some buyers and agents think this is a time to renegotiate. A seller can say no, of course, but if she wants the sale to go through, she may reluctantly agree.
If a seller says no dice, take it or leave it, the buyer can then walk away. We then start over looking for a buyer. The process of inspections can be grueling on a rural property. For example, some cities will force you to hook up to city sewer lines. That can be so expensive. Sometimes costs could be $50,000. Always a good idea to check septics and wells, and local requirements.
The process for buying our first home on Hawaii Island was a bit convoluted because we used conventional financing, with our mortgage people located on another island. And let’s just say they were not Dan Tharp quality from Sacramento. If I recall correctly, they also became inebriated on Christmas Eve and threatened to cancel my loan for no good reason. Then, they apologized profusely after sobering up the following day.
Buying a home on Hawaii Island is hard.
Some of the problems with buying a home on Hawaii Island are contained in the way agents do business on Hawaii Island and also in the purchase contract itself. For example, California used to be referred to as strictly a Caveat Emptor state for buyers, but the state fixed that attitude and its inherent problems. The California Residential Purchase Agreement definitely favors buyers now.
Should a buyer sign an exclusive buyer broker agreement? This question is as relevant today as when this article below was originally written, over a decade ago for another website, by Elizabeth. Enjoy. — JaCi Wallace
Shortly after I wrote the article linked below, a reader wrote to me to complain. He said he was looking for a definitive answer in my article, and he couldn’t find it. He wanted to know, gosh darn it, should he or should he not sign a buyer’s broker agreement! So he was quite ticked off about it, too.
Wondering how to cancel a listing or purchase contract? Below is a previous post on another site written by partner Elizabeth Weintraub. What is so interesting — it’s as relevant today as when written, more than a decade ago. These questions are asked often by the public when visiting our website about: Sacramento Real Estate.
“It’s too bad that you can’t just rip up a contract to terminate an association or an agreement, but that’s not how it works. To find out if your contract can be canceled, the first step to take is to read the contract. Contracts typically contain a provision for cancellation.
The process I am about to describe to you, how to double end a listing without listing the house, is not something your broker’s legal team will want you to read about. I am not promoting this particular system as much as sharing stories that happened to me 40 years ago when I first started selling real estate. Many of our activities back in the 1970s would have lawyers today running for the closest bottle of scotch.
Yup, today this would involve practicing risk management on overload. Legal liability up the wazoo. Yet, I’m gonna tell you anyway, because that’s just the kind of person I am. A troublemaker. With a capital T that rhymes with B and stands for bad influence.