Buying a home as-is?
Date: December 19, 2015 Author: Citirah Harris
Did you know Virginia is a buyer beware state. That means home inspections are not required but they are advised...now on to the article.
It is what it is. What you see is what you get. Take it at face value.
Whatever the term this is what you will here when talking to a seller who list their home for sale “as is”. They are telling you that, the house is for sale and you can buy it, but don’t except us to fix anything.
When a seller lists their home for sale “as is,” they’re essentially calling it a day, saying, “You can buy the house, but I’m not required to fix anything.” As the buyer, you can (and should) order a home inspection to find out if there are any problems, but by signing the purchase contract you’re agreeing to take it without repairs.
Houses are sold “as is” for a reason. Some sellers list their homes this way because they don’t want to cough up the money to fix problems they already know about. Other times, homes for sale “as is” are properties the banks have repossessed through foreclosure. When this happens banks maybe unaware of their condition.
Homeowners who are about to lose their home are also known for listing their properties “as is” so they can walk away as quickly as possible.
Whatever the case, there’s always risk involved in buying a home when you can’t negotiate repairs with the seller. This doesn’t mean you should run from any house being sold “as is,” but we suggest you take extra care to understand what you’re signing up for.
So before you think of making an offer on an as-his home think of the pro's ond con's.
Homes listed for sale “as is” can be a bargain. If the price is right, do some research into the actual repair costs and prioritize which fixes need to be made first.
If you have the ability to make repairs, you could save a bunch of money.
You can’t always be sure of the condition of a home being sold “as is.” A formal inspection will reveal most major problems, but can’t guarantee that it will find everything
As long as the seller discloses what they know about the home’s condition during the sale, it’s doubtful you will be able to take legal action if any defects or problems pop up later.
If you’ve fallen in love with an “as is” home, you need to find out as much as you can before be signing on the dotted line. After the obvious of paying for a formal home inspection, you can ask neighbors about the home. Find out when the last time repairs where done.
Buying a home as is can be worth the risk. All you have to do is a bit of research and keep those fingers crossed.