Fully Responsive Theme
Resize your Browser to see the Effect
Parallax Effect
Scroll and Notice the Header Image

Q & A: Meaning of As-Is home purchase

Date: September 1, 2014

Question:

When purchasing a home ‘as-is’, is there any chance that owner or bank will fix the issues that come up during the home inspection that I ordered as the buyer?

 

Answer:

When buying an ‘as-is’ home, there are two things to be considered. First, sellers are not willing to make any repairs to the home, hence the phrase ‘as-is’. Go into the process expecting that the seller is probably not willing to negotiate on anything other than price, and possibly the closing date. Second, get a detailed home inspection because the ‘as-is’ home most likely needs some work and you need to identify what the work is before you buy it. Though, not all ‘as-is’ sales require work. Some sellers do not want to or are unable to do any repairs. Like in a foreclosure, there is a good chance the seller has stopped taking care of the home; yet another reason for home inspection. There are certain things, eg: mold, wood destroying insects and septic failures that require repair before the transaction can close if Buyer has applied for mortgage.

Lastly, if as-is is your only home of choice, you may want to work with a Realtor to represent you in the transaction.