Should you buy a home in "as is" condition?

Even with it being a buyer's market I see an increasing number of buyers agreeing to purchase a home in "as is" condition. The term "as is" would basically mean that the seller is making no warranties other than clear title and the seller does not intend to make any repairs.

The increase in as is offers could be a result of the increase of bank owned and short sale contingency homes that are now making up a large part of the Central Florida home inventory. Bank addendum often require buyers to sign as is clauses and sellers who are contingent upon a short sale, will need to sell as is simply because of having no money for repairs.

Buyers can still protect themselves when buying a home as is by making sure they make their contract "as is with right to inspect".

An as is with right to inspect addendum will allow the buyer a legal way to cancel the contract should an inspection reveal conditions or repairs the buyer is unwilling to accept. the buyer will need to notify the seller in writing of the conditions or repairs that the inspection report revealed that are not acceptable to the buyer and are the reason for the cancellation.

Buyers can choose to accept the property in the condition reported and move forward with the sale or in some cases the seller may decide that it is in their best interest to make the repairs for the buyer in order to successfully close the transaction.

When buying a home as is you should talk to your Realtor about making sure your interests are protected and if need be, you should seek the advice of an attorney prior to executing a contract.


Related Florida real estate views:

What are the repair obligations to the home seller when using the FAR contract?

Home inspectors recommend caution when buying foreclosed homes

Don’t buy a home without a home inspection


- Greg Staker - Watson Realty Corp. - 407-304-0255

Home inspectors recommend caution when buying foreclosed homes

The American Society of Home Inspectors (ASHI) suggests that a homebuyer looking for a good deal when buying a foreclosed home needs to use caution and make sure they have the home inspected prior to finalizing the deal. The ASHI in a press release stated,

There are different things to consider when you are buying a foreclosed home," said Grant. "Many of these homes may have suffered wear and tear or damage at the hands of the previous owner like any other pre-owned property, but buyers may be tempted to forego a home inspection to lock in the reduced price." Grant urges buyers to spend the extra $300 to $500, on average, to hire an ASHI Certified Inspector who will carefully evaluate the following areas of the home according to ASHI's Standards of Practice:

• Structure — including basements and crawl spaces
• Exterior Surfaces — including siding, decks and grading of soil
• Roof Coverings
• Plumbing Systems
• Electrical Systems
• Heating and Air Conditioning Systems
• Interior Surfaces and Components
• Insulation and Ventilation
• Fireplaces and Chimneys

Related Florida real estate views:

Don’t get scammed buying land in Florida

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Don’t buy a home without a home inspection

- Greg Staker Watson Realty Corp. 407-304-0255

Don’t buy a home without a home inspection

Don’t buy a home without a home inspection

Even if the home is being sold “as is” the buyer should have a contingency in the contract that allows them the right to inspect and the ability to be released from the contract should the inspection reveal major problems affecting the home.

Having a home inspection done by a qualified licensed inspector prior to closing could save you thousands of dollars, time and stress.

Make sure you negotiate a home inspection the next time you purchase a home.