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There is a neighbor interested in buying the house for what…

There is a neighbor interested...
There is a neighbor interested in buying the house for what I owe. But I'm a little concerned. First, although he seems to have decent financial resources considering his own property and vehicles, etc., I'm worried he won't be approved for financing. His employment seems a little unstable and he and his wife filed for Chapter 7 bankruptcy in 2014. He texted me that he is "two weeks out from the loan" but I don't know what he means. He's a super nice guy and I don't want to come off like a jerk but I don't want to get tangled up in a mess or see it happen to him either. I know he's somehow involved with people who flip houses and this is going to be his first 'project'. (I feel like amateurs believe they’re going to get rich from their first property and I have a feeling that the real money comes from flipping one house after another). He’s a lot younger than me but I don't see this guy painting walls much less doing the more extensive repairs needed.He has asked to get inside the house to 'inspect' it. But it also sounds as if he will be the one (or one of a ‘group’) inspecting. Something he has no experience doing, I would like to limit my exposure on this and wonder if there is a tactful way to restrict who enters the property and require that any information gleaned be kept confidential. It's a mess inside and I definitely don't want to see photos popping up on Facebook or hear other neighbors gossiping. I have already disclosed the potentially serious problems as well as the cosmetic issues with this guy (in writing) and made it clear any sale is AS IS. But if he's working with someone else who may not be as trustworthy as I feel he is- who knows what could happen.It's possible the financing isn't even coming from a traditional mortgage company or bank. (And I really don’t care where it’s coming from as long as it doesn’t create issues for me). I’m not trying to sugarcoat the condition of the house or take advantage of anyone. But I don’t want an inspection to reveal some kind of problem that, as the homeowner, I could be required by my county to repair or ‘bring up to code’. I don’t even know if this is a thing but I don’t want to find out the hard way. In other words, this guy could be working with someone who thinks he is going to blackmail me by saying certain things are wrong and I have to pay for ANYTHING. (Just because you’re paranoid doesn’t mean they’re not out to get you- lol).Legally, can I say THE HOUSE IS BEING SOLD ‘AS IS’. I WILL NOT REPAIR OR PAY TO MAKE ANY REPAIRS OR MAKE ANY ALLOWANCES/ADJUSTMENTS IN THE PRICE FOR REPAIRS. ADDITIONALLY, I WILL NOT BE RESPONSIBLE FOR ANY COSTS ASSOCIATED WITH THE SELLING OR BUYING OF THE HOUSE. ANY THE FINDINGS, OBSERVATIONS, ETC. OF ANY PERSONAL / PROFESSIONAL INSPECTION OF THE PROPERTY IS TO REMAIN CONFIDENTIAL. NO INFORMATION, PHOTOGRAPHS, VIDEO, ETC. MAY BE SHARED OR DISCLOSED EXCEPT IN LEGITIMATE FURTHERANCE OF MAKING REPAIRS, OBTAINING ESTIMATES AND /OR OBTAINING FINANCING TO MAKE REPAIRS OR FOR THE PROPERTY PURCHASE.Does this makes sense?
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Answered in 22 minutes by:
5/11/2018
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,173
Experience: Attorney and Real Estate broker -- Retired
Verified

Hello again,

Kentucky Revised Statutes Section 324.360 requires you to disclose what you know about the property's condition (click here for the form). So, while you can sell the house, "as is," you remain subject to the required disclosures, under law. In practice, this means that if you disclose everything you know, then you can't be held responsible for those things of which you're not aware. But, if you become aware of something, or you fail to disclose something that you know, then you can be held liable, regardless of any "as-is" sale agreement.

Concerning your notifying the buyer that he or she assumes all costs associated with the transaction, including the cost of repairs to the property, that's entirely lawful. At base, a real estate transaction has a net price -- which is usually only known at the time of closing, because there are so many closing costs that cannot be easily determined in advance.

As a negotiating matter, it's usually better to quote a higher price, and then credit the buyer with reduced amounts to cover the costs of repair. That way, the buyer thinks that he or she is getting a better deal and you're paying for the property defects. Also, if the lender is willing to loan at the higher price, then the repairs are being financed by the sale, and you don't have to make those repairs.

So, yes, your contemplated disclaimer makes sense. But, it won't protect you entirely, regardless of the terminology, because the law won't permit you to disclaim property defects about which you are or reasonably should be aware of prior to sale.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,173
Experience: Attorney and Real Estate broker -- Retired
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Customer reply replied 3 months ago
I had already reviewed that form and actually filled it out. But I provided much more extensive, detailed information on a separate sheet. I'm not trying to pull a fast one or anything like that- I just want out from under this house as soon as possible. I see what you're saying as far as the higher sale price to cover needed repairs and that could work for him. And I'm willing to work with him anyway I can that doesn't involve me paying for anything or delaying the transfer of this property. Thank you again! I may have some more questions next week.

Thank you for your rating and bonus -- and for using Justanswer!

Have a great weekend.

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Customer reply replied 3 months ago
You too!

:-)

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