- 🤔 What does buying a home "as is" mean?
- 🛠 What are typical "as is" problems?
- ⚠ Is the seller required to disclose problems?
- 🤝 How can a real estate agent help?
- 📱 Contact The Wilson Group
- 🏠 Can I still get a home inspection during an "as is" sale?
- 📋 What happens during a home inspection?
- 📃 What is a CLUE Report?
- ❓ Why are they selling an "as is" home?
- 🤷♂️ Is buying an "as is" home a good idea?
🤔 What does buying a home “as is” mean?
When you agree to purchase a property listed with an “as is” condition to the sale, you are accepting that the seller is not required to make any repairs or special considerations during the sale of the home regardless of what may be wrong with the property. You agree to make any needed repairs and accept the condition of the house even if it has problems without holding the seller responsible.
🛠 What are typical “as is” problems?
When it comes to reasons a seller may want to sell the home in the current condition, it’s up to you to know what you’re getting into with the purchase of the house. Common problems include issues with the roof, structural elements, household systems, and improperly installed insulation.
A seller may want to sell the home “as is” if there are problems with termites, asbestos, or mold and mildew. Depending on the level of destruction that these issues caused to the property, you’ll want to evaluate the balance of fixing the problems with the projected investment benefits.
⚠ Is the seller required to disclose problems?
In the state of Virginia, sellers are given some liberty when it comes to letting you know what’s wrong with the property. Sellers should remind you that it is your responsibility to know what you’re getting when purchasing the home, but in some instances, they may not be required to give you the details.
Another thing a seller must share with you is that the home has septic system problems that need attention if they received a waiver from the Virginia Board of Health. A property that was once the site of a meth lab must be disclosed to the buyer if the seller did not follow proper state requirements for cleaning.
Homes constructed before 1978 have specific guidelines when it comes to disclosures about lead-based paint and other potential hazards. On the flip-side, newly constructed homes may not have limitations when it comes to disclosing problems.
🤝 How can a real estate agent help?
As you’ve seen in the previous section, there are legalities involved with buying a home being sold in an “as is” condition that can be confusing. It’s hard to know which laws impact the sale, hold the seller responsible, and what is needed to proceed with an “as is” contract that is safe for the buyer of the home.
📱 Contact The Wilson Group
🏠 Can I still get a home inspection during an “as is” sale?
You may still be able to get an independent home inspection if the seller agrees to the condition as part of the contract. Keep in mind that in most cases having an inspection completed does not mean you can use the knowledge gained from the report to request changes in the “as is” contract.
The good news is that a home inspection can alert you to anything the seller did not disclose and can help you make an informed decision about the purchase of the property. While you can’t use the information you gain to ask the seller to lower the asking price or fix things that are wrong with the property, you may be able to remove yourself from the transaction within a specific time.
Your real estate agent can help you understand the terms of the contract when it comes to the results of your independent inspection. It’s essential to know how the inspection impacts the deal and the exact time frame for ending your interest in the property.
📋 What happens during a home inspection?
Look for a professional home inspector that specializes in residential properties. If you have concerns about which company is reputable, speak with your real estate agent to see if they have recommendations.
The inspector looks at the structural integrity, electrical system, plumbing, and any drainage issues. They also check for pest problems, odd odors, and the presence of mold.
📃 What is a CLUE Report?
Another helpful tool for home buyers considering an “as is” sale is the CLUE Report. The Comprehensive Loss Underwriting Exchange is a database used by insurance companies to keep track of claims.
You’ll want to ask for this report from your insurance agent when you make your initial offer. If you have questions about the process, your real estate agent can help you with the details that are relevant to your transaction.
❓ Why are they selling an “as is” home?
There are several reasons why a seller may choose to list their home with an “as is” clause. The home may come with the consideration that it is “as is” at the time of the closing date, which gives you time to do an inspection.
🤷♂️ Is buying an “as is” home a good idea?
We can’t tell you whether buying an “as is” home is a good or bad idea because of the variety of factors involved in that decision. The decision factors include reasons for buying, interest in investment, and problems with the property.
What we can help you with is understanding the legal aspects of the purchase, review the inspection report with you, and represent your best interest in the purchase transaction.