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| “As Is” means that the home or property is sold exactly as it is. You have the right to inspect a property; HOWEVER, no repairs will be made by the owner if problems are found. |
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Most auction properties are sold “As Is”. In this case the "As Is" can also, and usually does include not only the structure and land, but also the title! Watch out! If the title is not clear, you, the new owner can be in for hefty attorney fees to clear the title. Without a clear title, you could potentially LOOSE the property! If someone out of the past says, “ I own this property” and provides proof with legal documentation, the first one to have owned the property will be granted the property! If there is a lien on the property, (cloud on the title), you the owner will be responsible to pay off the lien. Liens are placed on real estate all the time. If someone has a claim against the owner, they go down to the court house and put a lien on the property. This could happen for any of a thousand reasons! Without clear title, you the new owner now have another debt to pay! |
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| When you buy a piece of real estate in “As Is” condition, you, the buyer take full responsibility for the known and unknown conditions of the property when you close the deal. There are steps that you can take to protect yourself, but none are foolproof! |
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| We encourage all prospective home buyers to have properties inspected by licensed inspectors. Whether or not the property has an “As Is” stipulation, looks really good to the eye, or is reported by someone to be in good condition, the only true way to know is to pay the money, ($300 to $500) and know for sure that the home is something acceptable to your expectations. |
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| Sometimes, with a contract that states “As Is” your realtor can put a dollar amount in the contract that is the maximum that you, the buyer, will accept toward items in need of repair. If the inspection report shows more than your specified dollar amount needed for repairs to the house, then you can cancel the contract. |
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| Remember that when you contract for a property in “As Is” condition, it is offered that way because the owner doesn’t want to be bothered with any repairs or expense connected with the property. The property could be in good condition! There may not be any liens against the property. It’s just that the owner is “done” with the property and doesn’t want any responsibilities toward it. |
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| In purchasing “As Is” as it relates to bank repossession, watch out! Chances are, that there are back taxes owed, liens established, and inherent problems with the property. Know what you are getting into BEFORE you sign the contract! People typically pay a great deal more for repossessed real estate than they expect... click here for more information. |
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| People can buy and sell real estate without the guidance of a realtor. Did you know this information on “As Is” prior to reading this? Would you know how to word the offer contracts to protect yourself? Imagine, this is just one VERY SMALL, yet EXTREMELY IMPORTANT, detail of a real estate purchase. What other details might not be known to you as a buyer or seller of real estate? There’s a lot! This is why we recommend that you use a seasoned (5 to 10 year full time) realtor. A home is a MAJOR investment. A home encompasses the largest expense in your budget. It also stands to be your best ASSEST… Buy it or sell it with wisdom… Use a realtor! They are licensed for a reason.. |
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