The Truth Behind ‘As-Is’ in Real Estate
Every Home Sells for 'As-Is' in the Beginning
First of all, a seller cannot be forced to do anything in respect to repairs if they don’t want to while selling their home. This includes making repairs. As a result, the seller is selling as is.
'As-Is' Translated from Real Estate Lingo
Let’s start from the beginning. You go house hunting looking for your perfect home. It could be the first or 10th home, but bingo, most of all, you have just stepped into your perfect home. As you tour the home, this perfect home does seem to have some small issues, but nothing dramatic.
I am Ready to Place an Offer
Your realtor goes through the comps and as a result, will come up with the magic offer price and type up the contract. Consequently, any realtor worth their commission will go paragraph by paragraph through the contract making sure you understand the terms. California real estate contract page 5 paragraph 11 will give you the equivalent of a nervous breakdown. Yup, it’s in writing, the seller is not obligated to do anything but keep the house maintained in substantially the same condition as on the date of acceptance.
Well Now What
You as the buyer have every right to inspect the property you are about to purchase. furthermore, You will be strongly advised to have a home inspection performed. As a matter of fact, your acceptance of the property condition is a contingency in the purchase contract. How do I know this? In the California real estate contract on page 5 paragraph 12 it says so. This is your way out card, no loss of deposit card, or Oh my gosh, the house is over a sink hole and I’m stuck buying it nightmare. The seller may not be aware of existing problems affecting the property. Every proud home owner is very confident that their home is perfect.
Your Eyes are now Wide Open
Once the home inspection report is in your hands, the termite report is complete, you have received all the required disclosures from the seller you can do your due diligence. Look at the recommend repairs from the home inspection report. Did the termite report reveal some problems? Compile all the info and construct your repair request. You know what you are purchasing. You are aware of problems. It is always a good idea to have a Home Warranty. The home warranty will cover the home for one year against multiple problems. Finally, ask your realtor what company they prefer and check out what type of coverage’s are available. You can always ask the seller to purchase the home warranty. Why not? It’s always worth the ask!
As stated earlier, the seller doesn’t have to repair anything. If they want to sell their home and there are problems, they will have to make decisions. I haven’t hit on the appraiser. If the appraiser finds repair issues in addition to the previous discoveries, guess what….the loan will be contingent upon the items fixed. No fix no loan. Most noteworthy, all the discovered information pertaining to the condition of the home is now a matter of reporting by the seller to the next buyer if the seller holds onto as is.
Therefore, go out find your dream home and know that you are not bound to purchase a home that is a potential money pit. Rely on professional advice and be confident in your real estate purchase. #asis #buyingahomeasis #buyingahomeasisinbeaumontca