As a REO Agent, I understand "as is" when it comes to a home for sale but does the first time homebuyer really understand?
Purchasing a home "as is" basically means that the seller (bank or owner) is not willing to make any repairs to the property despite the obvious defects.
To discover unknown or hidden defects, a home inspection is a must but can't possibly reveal all potential problems. That's why a Home Protection Plan (One Year Home Warranty) is a must when purchasing a property "as is". A home protection plan will cover most major systems in the home for up to one year with the new homeowner paying only a "trade call" fee when a repair is needed.
REO Properties (Real Estate Owned) aka foreclosures are usually sold "as is" with the seller not making any repairs but it never hurts to ask if new items are revealed on the inspection. A refund of earnest money or credit for issues are options. Short sales sellers & sellers that aren't interested in paying for repairs might also list a home "as is".
In the last 6 years or so, I have witnessed great deals on "as is" REO properties and others that I recognize as a great deal but maybe not for the average first time homeowner to handle.
I recommend finding a knowledgeable REO agent when looking at "as is" real estate. I'm just a phone call or text away at (903) 360-7568. I can always be reached via email at Tanya@SoldByTanyaRedic.com
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