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Dear Pat, What Does "As Is" Really Mean?

Pat Kennedy provides some good advice for home buyers that are purchasing a property in as-is condition. There is nothing wrong with a final effort to negotiate before walking away from the opportunity. The seller probably expect it.
 Happy New Year from your friend in Montgomery County, Maryland.
Q:  Dear Pat, last week we had a contract on a house accepted.  It has an "as is" clause, but allowed for a home inspection.  Unfortunately, the inspector came up with some huge surprises that the sellers did not include on the property disclosures, and we felt a little blind sided.  But we still love the place.  What are our options at this point?
A: No doubt about it!  A home inspection can open up a great big old can of worms!
If you read the "as is: clause combined with the General Inspection Contingency that is usually used along with it, you would think you had only two choices:
You could accept the house in it's funky condition and deal with it after settlement at  your own expense; or You could walk away from the contract by just declaring it null and void. But you really do have a third option, one ... more

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