After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
As you scroll through home listings, you might see a few that state "as-is." What exactly does this mean, and should you buy an as-is house? When people sell homes as-is, they decide to sell them just as they are. In other words, the seller is not going to make repairs or modifications to these homes. Therefore, if you want an as-is house, you must take it as it is, without any changes. As a buyer, if you are interested in this option, there are a few things you may want to consider.
What Does the Disclosure Form Reveal?
The owner of an as-is home will not offer to fix the problems with the house, but they must still list any known problems, issues, or defects. They will do this on the disclosure form that their real estate agent requires when they list the home for sale. As the buyer, you can read this document to see what it says. The home might have more issues than what you read on this form, though.
How Severe Are the Issues?
After reading the disclosure form and seeing the house, you might want to consider the severity of the issues. You will likely be able to see most of the problems from viewing the house, but there might be issues that you cannot see. You should aim to find out all the problems the house has before closing on it.
What Inspections Can Help You Find the Issues?
You have the right to get some inspections on the house after you make an offer to buy it, and you can back out of the purchase if the issues seem too severe. You should hire a home inspector to give you a general overview of the home's condition, but you can hire other inspectors, too, if necessary.
How Much Work Will the Home Need?
The last factor to consider is how much work the home will need if you buy it. You can add up all the costs for the repairs it needs to determine if you should purchase it.
As-is homes generally need some work, but some might need more than others. As a buyer, you can pay for inspections on the house to find out the problems before going through with the purchase, and you should do this for protection. Talk to a real estate agent if you have any questions about as-is properties for sale. A real estate agent can provide further information.Share