If it says the home is sold "as is", does the buyer have to buy it without knowing what's really wrong with the home?
The terms "as is" is found in many listings these days, especially on REO/bank owned homes and short sales.
Many in the real estate industry may think this is pretty standard language, but I have had more than one client ask me if this means that they can't have an inspection done on the house.
Their concern is that after viewing the home one or maybe two times without professional assistance they have to make a decision whether or not they should buy the home and be willing to accept it "as is."
I have explained to them that this is not the case.
Provided that the proper, and usual, contingencies are in the purchase contact, the buyer has the right to have inspections done of the home. If after the inspections are completed, the buyer has the right to ask for repairs (provided the request is made within the contingency period - usually 17 days here in Orange County) and decide not to buy the home if the repair request is denied.
In today's market, most banks will not do repairs on REOs or short sales. Therefore, these homes are sold "as is", and usually a buyer will have to decide after the inspection is done whether or not they still want to buy the home.
So, yes, you may have to buy the home "as is", but you will get to make this decision after you have had inspections done on the home.
If you have any other questions or concerns about the buying process, please call me at 714-319-9751 or see the following articles for additional information.
What is a short sale?
Buyers 101
Multiple Offers in a Buyers' Market
Buying a Foreclosure - Where do I Start?
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
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Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Click Orange County homes for saleto view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. Does "As Is" Mean I Can't Have an Inspection when I Buy a House?
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I happen to love the idea of "as is" listings. The negotiations surrounding the home inspection can kill many a deal. Banks can certainly get away with it. For everyone else, though, "as is" immediately means "they're hising something".