We often get questions about “as is” properties, and we’ll address some of them in this article.
You can look at “as is” properties in two different ways. From the buyer’s side, and from the seller’s side. Whichever category you fall under, there are certain things you should keep in mind.
Real quick disclaimer – this is not legal advice, since we’re not attorneys. We’ll simply provide you some guidance from our perspective of being experienced real estate agents, and having helped numerous people through this process.
As A Buyer
If you’re looking at an “as is” property as a buyer, the questions that we often get are, “Do I need to get a home inspection?” and “Can I get a home inspection?”.
The answer is a definitive yes, for both! You definitely want to get your home inspection done, and you’re always allowed to do one. You get five business days to do a home inspection.
We actually suggest not only doing an inspection, but even going a bit further if you think there might be potential issues with the home
Maybe get a structural engineer, and a mold tester. Maybe get somebody to look at that sewer line because that can cost you a lot of money down the road.
Doing thorough inspections before buying an “as is” property is highly recommended, because it’s the only way to protect yourself against unexpected costs in the future.
Properties that are sold “as is” become yours the day of the audit, and there are no litigations that you could do down the road, to recover costs arising from issues with the home. Even if the seller knew about potential issues, and failed to disclose them at the time of the sale.
Again, this is not legal advice, just some common-sense stuff.
As A Seller
Now you might be the seller, and you’re thinking about selling your property “as is”. Maybe as an estate sale, or whatever other reasons you want to sell your home for.
“As is” properties normally sell for a certain percentage less than regular homes. This is because the buyers are going in knowing about the higher chance of complications down the road. They also know that there are no protections for them for buying the property “as is”.
Usually, you’ll be able to sell your home, but you’re not going to get as much. However, if you want the insurance of having the “as is” label protection, it might make sense for you to go down that path.
If you want further in-depth information on buying or selling an “as is” property, and if it’s a good idea for you, we’ll be happy to help.
Give us a call today, or get in touch via email, for further information.