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"As-is" Properties and Home Inspections
There is a huge misnomer out there that “as-is” properties don’t need to be inspected. The Seller or bank has placed the property on the market “as-is” claiming they will not perform any further repairs. That’s great! But what about protecting the Buyer and making sure they are fully aware of the major issues?
“As-is” properties scream disrepair. They should raise huge red-flags to any buyer that there most likely are problems and the seller doesn’t want to deal with them. Most “as-is” properties on the market being sold by the homeowner or relative find the seller to be in a financial situation where they don’t have any funds available to fix anything.
“As-is” properties that are foreclosed or bank owned are the latest trend for banks to dump their properties in hopes of avoiding the extra negotiating steps that result when issues are found from a good home inspection. Because they never lived in the properties, their disclosure statements are “don’t know” all the way down the forms. Buying a bank owned “as-is” property without a home inspection can be very risky!
For a Buyer, it’s extremely important to know what true condition that “as-is” property is in ... more
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