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If you see a listing being sold "as-is" what does that mean for you as a buyer?

June 12, 2014

 

“As is” means the seller is offering the property in the present condition and will not pay for any repairs. A concern for a buyer looking at an as-is property is that there may be problems with the home. Buying as is does not necessarily mean that anything is wrong with the property; the purchase might be a great bargain for a buyer who understands the possible benefits and detriments. As a buyer you still have the option of getting inspections on an as-is property at your own expense.  

 

Selling a home “as is” is not a way for the seller to avoid defect disclosures. The seller still has the obligation to disclose any material problems with the property. Some of the reasons a seller might sell a home as-is are that the owner might be a lender or a relocation company with no knowledge of the home, the sale might be an estate sell where the seller has never occupied the home and does not want to warrant the home, the seller knows that the home needs work and repair and is selling the home at a discounted price or the seller doesn't want the inconvenience and hassle of making repairs.

 

The best way to buy an as-is property is to ask lots of questions and make a purchase offer contingent on satisfactory inspections. As a buyer you should strive to learn everything possible about the home before purchase. If you are considering a house being sold as-is, just know that you need to go into the transaction with open eyes, have the property fully inspected  so that you are comfortable with the condition and are making an informed decision to buy.

 

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