You’re home-hunting, and you find a shockingly affordable property. It’s an ideal style; even better, it’s a bargain. You think the deal is almost too good to be true when you see a vital caveat: selling as is. Red flags may pop into your head, and you assume it can only be a nightmare. While there are some as is homes that require tons of work, there can be more to these properties than meets the eye. If you’re considering buying a home as is, here’s what you should know:
What It Means Buying a Home As Is
Typically, there’s often negotiation in home offers and contracts, going back and forth bargaining over home features, conditions, and price. With as is homes, it’s more of a take-it or leave-it situation. When buying a home as is, you’re getting a property for which the seller won’t make any repairs or updates. The asking price reflects the current condition – what you see is what you get!
Sometimes, the seller may apply the as is label to a part of the house or specific items. For instance, they may list a fireplace, pool, or garage as is. In that case, that item or area is sold precisely how you see it.
You’re Entitled to Seller’s Disclosure
Selling a home as is doesn’t relieve the seller of the seller’s disclosure legal obligation – they’re still required to inform you about the issues with the home. Typically, disclosure laws cover all major systems of a home, the roof, the foundation, infestations, and the presence of toxic substances such as asbestos, lead paint, or radon.
A Home Inspection is Necessary when Buying a Home As Is
Even though the seller won’t be fixing the issues, you should have a home inspection carried out before finalizing the deal. It’s worth paying an average of $280-$400 for a home inspector to ensure there aren’t thousands of dollars worth of repairs and renovations waiting for you in your new home.
A Skilled Real Estate Agent is an Asset for As Is Home Deals
An experienced real estate agent is an indispensable asset when buying a home as is. Real estate agents are experts who understand the homebuying process and disclosure laws. Besides enlightening you about as is homes, experienced real estate agents can recommend when not to buy. Some homes might need extreme repairs that would cancel out any savings you’d get by buying the house.
Need Help Buying a Home As Is?
In normal circumstances, the as is home typically appeals to those looking for a property to flip for profit. Yet, as demand for housing hikes, more buyers are considering the as is listings. If you’re considering buying a home as is, it’s paramount to have an expert by your side. Call us today! We’ll help you find an as is listing, create a winning offer, and negotiate on your behalf to ensure that you land the best deal.