While looking through real estate listings in the Richmond, Chesterfield County, and Henrico County areas, you may come across the term “as is” in the sellers’ details on the property. What does this mean for you as a home buyer? Let’s take a closer look at buying a home “as is” in Virginia.

πŸ€” 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.

πŸ›  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.

Roof tiles with hammer, gloves, and nails

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.

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⚠ 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.

There are certain things a seller must clue you in on even when selling a property “as is” in the state of Virginia. If the home has defective drywall or located within a military air installation area, a seller is required to share that information.

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.

Buying Home As Is Concept with Gloved Hands Cleaning Mold

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.

As a buyer, you want a professional on your side that has the knowledge and experience needed to help you navigate the legal aspects and real estate guidelines when you’re weighing the pros and cons of a purchase. Trying to manage the contract without the help of a real estate agent could place you in a negative situation that causes stress and costs you more money in the long run.

πŸ“± Contact The Wilson Group

We can help!
We strive to make our clients’ real estate transactions an overall great experience. Our business model is deeply founded in the fact that it is all about the experience! Give us a call at 804-396-4625.

🏠 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.

home inspector measuring pipes

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.

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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.

πŸ“‹ 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.

Expect a home inspection to take anywhere from two to eight hours for completion, depending on the size of the property. The good news is that you won’t need to be present for this inspection because your real estate agent will be there every step of the way, but you can always come along to get the details first hand.

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.

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πŸ“ƒ 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.

CLUE Report Example - Man and Woman Looking at Paperwork

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.

In short sales, the seller does not have the means to make any repairs or give special price considerations, so they will sell the home as it is to speed the sale. A house that is in foreclosure and listed “as is” could be in perfectly good condition, which may be a great investment opportunity.

πŸ€·β€β™‚οΈ 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.

Couple with Real Estate Agent and For Sale Sign

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.

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Buying a Home "As Is" in Virginia
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Buying a Home "As Is" in Virginia
You see an "as is" home for sale, but what does this mean and is it a good idea? Learn more about buying a home "as is" in Virginia before deciding.
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The Wilson Group
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