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Should You Ever Buy A House That Is An “AS IS” Property?

It really depends on the house and the situation.  There may be two reasons a house is marketed as an “As Is” Property.  The first may be because the seller just doesn’t have the money to make the necessary repairs, and wants to get out from under the cost of repairing the property. 

The second reason is much more difficult.  A word of caution is in order.  The house may have serious problems! Something serious may be defective…so buyers beware.  Generally speaking, an “As Is” property tends could have a major structural or functionally obsolete (i.e. expensive!) problem.  Typical problems may range from a faulty roof, termite damage, problems with the foundation, leaking pipes or other plumbing problems, to problems with the electrical or mechanical systems to name a few.

It is in the buyer’s best interest to have a full home inspection completed and all the problems documented, so that the buyer is aware of any potential problems with the property. 

Home inspections…what’s involved and are they mandatory when buying a home?

A home inspection is not mandatory when you purchase a house, but it is strongly recommended that you have any home you’re planning on buying inspected by a licensed inspector.  It is important to know the current condition of the property.  A home inspector has the training and expertise to provide an objective opinion about the condition of the home.  The inspector will carefully examine the home’s structure, roof, plumbing, electrical wiring, heating and cooling system, and appliances.

He or she will also provide a written assessment of the house’s condition.  The inspection will tell you what repairs might need to be made to the home.  The inspection can also alert you to any serious problems the house may have – before you buy the house.  Fees are paid to the inspector by the buyer.  If there are problems or repairs that need to be made, you can request during your negotiation that these repairs be made as a condition of the sale.  Home inspections are an important part of the purchasing process that should not be overlooked.

 

 

 

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575 Madison Avenue, NY, NY 10022.212.891 2015 DOUGLAS ELLIMAN REAL ESTATE. All materials presented is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, ommissions, changes or widthdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the scholar district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. If your prroperty is currently listed with another real estate broker, please disregard this offer .It is not our intention to solicit the offerings of other real estate brokers. We cooperate with fully.