Buying a Home "As Is" in Oakley Ca!
I work with a lot of people Buying a Home in Oakley and other communities and the words "As Is" scares the living day lights out of them.
What does "As Is" mean? Does it mean you cannot investigate? Does it mean you are taking a chance? Does it mean the seller will not negotiate?
Although I am not a Lawyer, as I understand it legally it means NOTHING! You cannot deny a buyer the right to do due diligence. In fact we give people so many multiple, repetitive, and laboursly boring to disclosures to read (As mandated by law and common sense) that most people do not realize how much due diligence they can do if they want.
As a practical matter what the seller is saying to a Home Buyer is"Do not ask or expect me to pay for any repairs."
Generally in this market what I tell Buyers is not to expect any repairs. Banks will not do them and certainly people selling the home in a Short Sale will not make any repairs (although sometimes you can get the bank to drop the price on a Short Sale if repairs are needed.)
Then Why do Inspections (and other due diligence)? Well you want to know what is wrong with the place. A good inspector will find lots of small issues and provide you with a guide for future maitenance and things to watch for. Don't sweat the small stuff - know this going in.
Now on occasion the Inspector will come up with a major problem. At this point you need to get the seller to fix it, cut the price, or walk away (if you cannot deal with it). This happens. Sometimes the seller/bank has no idea about the problem and will work with you when they find out how big it is. Especially when considered in light of the rest of the market and now having to sell the house with a known problem.
Another case where the banks will negotiate repairs on an "as is" sale is when the lender requires something to be repaired.
Other than these types of situations do not expect repairs on an "As Is" purchase, but you can always walk away or try to negotiate.