All It Takes is a Little Vision

I sell all kinds of houses, trophy homes, second homes, fixer-uppers and more, and all of them are special to me, I never forget them. Once in a while I have a very special listing, whether for its style, setting, charm, or fit/finish/detail work, and it's great to see what the buyer does with it once it's theirs.

Last year I had one of those, it was a small ranch house on a one-of-a-kind piece of property that had been in one family for it's entire lifetime, almost 80 years. The house was located high on a ridge overlooking a large pond, surrounded on three sides by water, within a nice neighborhood but unusually secluded given all those things. And to top it off, it was located around 20 miles from downtown Boston.

The buyers, Bob and Michelle Hause, had been looking for years for the right house to downsize to from their large, classic Colonial Saltbox home in Sudbury, and they just couldn't find one. Then one day they came to my open house and fell in love with this house.  Bob is a contractor in Sudbury, his specialty is building additions and expansions onto existing homes, so this was the perfect opportunity to do his thing.

The home he made it into is absolutely beautiful, it fits the site perfectly and is in keeping with the scale and style of the neighborhood and it's environs.  What he did was rotate the roofline by 90 degrees and build-on a second floor to the existing first floor walls. He then added a farmer's porch to the front to create an inviting entrance that can be used for sitting in the evening and enjoying the views and the neighbors. Inside he kept the original kitchen cabinets and 80 year old porcelain sink, while updating the appliances and reconfiguring the first floor for today's lifestyle.

As you can see, the front walk and lawn area are new, and a lot of the existing plantings have been retained. They will be augmented with more gardens over the years as Michelle has a green thumb and I'm looking forward to watching it take shape over time.

A lot of discussion these days is about how houses have to be Pottery Barn perfect and completely updated to fit today's discriminating buyers, and there is a lot of truth in that. But just once in a while, there is a home that needs work, and yet it's the perfect home for one buyer. All it takes is a little vision.

btw: if you're looking for a great contractor, call Bob Hause (508) 826-5598

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What Does "As Is" Mean in Real Estate?

The real estate industry has its own unique language that can sometimes be confusing. One term that comes up a lot, especially in these times of bank-owned properties, short sales, and foreclosures, is "as is" and its variations "where is", and "in its present condition". There are some agents who feel that part of the reason we see "as is" cropping up more and more is because more buyers are being coached to use the home inspection as a reason to reopen negotiations (sometimes justified, sometimes not) and that sellers and their agents, who may have already lowered the price several times, are using it as a tactic to close the door on this practice.

This is not a term to be used lightly by sellers, because there are costs as well as benefits, and if you don’t know what it really means, you shouldn’t use it. Sellers commonly mistake "as is" as a way to avoid making any repairs, rationalizing that a lower asking price will reflect the condition and eliminate expectations. Buyers, however, tend to interpret "as is" differently. They sometimes take it as a sign of blood in the water and think that they can bargain way down from the asking price because they are now suspicious that many things are wrong with the house. Often buyers will be very wary of "as is" houses and even avoid viewing them or putting in an offer for fear of hidden defects that will reqire a lot of time or money. You might be better off without using that clause and having your agent stress that the inspection will probably not result in repairs or a price reduction.

"As is" is actually a legal term and concept used to disclaim liability for the condition of the house being sold. It says that the seller is selling, and the buyer is buying the house in whatever condition it presently exists, and that the buyer is accepting the house "with all faults", whether or not immediately apparent. It is most commonly (and correctly) used in estate situations or when banks or relocation companies own the property, where the sellers may have never lived in the house and have no knowledge of any issues/defects. In Massachusetts, the seller and their agent must disclose any known defects in the property in an "as is" purchase, but they don’t have to disclose what they don’t know.

This is the ultimate "buyer beware" situation, where a buyer must take the time to examine the home before accepting it. The buyer should also obtain expert inspection and legal advice and do what their experts recommend. They should also make sure their contract is contingent upon acceptable inspection approved by buyer, but understand that their only option is to take the house or walk-away, the seller is under no obligation to re-negotiate any inspection issues.

There are currently many great deals on "as is" houses, and I hope this post has been helpful.

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