What Does it Mean When a Listing an As-is Home?
Coming across home listings that include the words "as-is" might make you wonder what this means. You will not see a ton of as-is home listings when searching for a house to buy, but you might see some. If you are interested in as-is homes, you might want to find out what this means before you even view these houses. Some people love buying as-is homes, while others avoid them. Here are a few essential things to understand about these types of homes.
They Typically Need Work
An as-is house generally is a home that needs work. It might need surface work only, such as painting, new cabinets, and plumbing improvements. It might also need structural work, especially if it has been vacant for some time. When a seller lists a property as an as-is home, they are telling buyers that the home is not in perfect shape. They are saying that they are selling it just the way it is. When you see these words on listings, you might want to use caution when proceeding.
They Come in All Types, Sizes, and Ages
The second thing to know is that as-is homes are not limited to a certain type, style, or year. Instead, you can find as-is houses in all types, sizes, and ages. Some are really old, and you might find a few that have sat vacant for a year or longer. You might also find newer homes listed like this, and these properties might have minor issues. Depending on your area, you might find a few as-is homes or many.
The Bottom Line with As-Is Homes
Before you rush to see these houses or make an offer on one, you must know a few vital things. One thing to know is that you cannot ask the seller to complete repairs. The person is selling as-is to avoid having to make repairs. Secondly, when you negotiate, the price you agree on is the price you pay. The seller will not agree to lower the price if you find issues after the home inspection. You take the house as it sits, even if it has more problems than you expected.
If you see an as-is home that you might want to buy, talk to your agent. Your agent can give you advice to help you know how to view it and make an appropriate offer on it. Contact your agent if you have additional questions.
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