What’s the risk in buying a home “As Is”?

When a property is advertised “as-is”, it means that the owner has no legal obligation to repair anything. This probably means that the seller is aware that the house has some issues and is not willing to fix anything in order to sell it.

Homes being sold “as-is” are usually priced below similar properties in the area and often seem like a great deal. Some of the issues may be immediately visible to potential buyers but many may be hidden. In any real estate transaction, it is incumbent upon the buyer to perform their due diligence and determine exactly what it is that they are buying. In many cases you can have inspections done but in an “as-is” saleyou are still obligated to purchase the property regardless of what is found.

When you buy a home “as-is” you are responsible for everything from cracks in the foundation, to electrical, to a new roof and more. Unless you are experienced at construction and home repairs you’re usually better off paying a higher prices for a property that needs less work.

If a property is bargain-priced it usually isn’t much of a bargain…

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