Buying an AS-IS Property in Northern Virginia As Of...WHEN?

I like the date you first saw it, especially when I'm representing the buyer. Because a seller can remove items that were, oh, you know, fixtures, before the home inspection but after the initial viewing, and that would be a no-no.

I also usually recommend the date the buyer first saw the property which is usually the contract date anyway, but each client warrants individual consideration and choice.  This was a great blog, one that appeals to our clients and helps them to understand the different choices.  Thanks!

Chris, I'd choose the date I first saw it, though from an agent's point of view I can appreciate having a documented copy of the condition of the property that comes along with an inspection.  THis is a great explanation for clients as to the definition of "as is" and its possible implications.

Boy - this is a new one for me. When I was still selling, we didn't have this form. Of course, Idaho might not have it now - I don't know.

This is great information for buyers - and a good safeguard. You never know what can happen to a house between the time the buyer sees it and the day of closing. Vandalism, water leaks, frozen pipes - all sorts of things.

My one question would be - if something is different, who says? Have you run into difficulties when the buyer says "that window wasn't broken" and the seller says "yes it was?"

Just had to come back and tell you... Thanks!

My last comment - on your blog - put me at 200,000 points!

I generally say "as is" based on the contract date.  I've seen houses where appliances and light fixtures have disappeared after the contract is ratified.  Figure the owners are just waiting to strip the house or someone breaks in to an empty property and runs off with anything of value.

I have been in the mortgage business dealing with sales contracts for 12 years and I had no idea that their are so many options for the As-Is clause portion of the contract. The As-Is clause is just more prevalent in this market of foreclosures and is obviously very important. Thanks for the info.  

Chris Ann --- in California our purchase agreement states all property is sold in "as is" condition --- it's best to explain this to clients upfront so if/when they write an offer they understand it.  Even though the property is sold in this condition it does not relieve the owner(except in the case of a bank owned, probate or certain trust sales) of the duty to disclose(and we have many disclosures)known issues.  If an issue is discovered during the inspection and investigation phase of the transaction, a buyer has some choices to make, accept the condition and continue, to reject the condition and cancel the transaction or ask the seller to remedy the condition, credit for repair or reduce the negotiated price.   It's a bit more complex than stated here but that's the general idea from a West Coast perspective and when it comes down to it, all real estate is about local customs.