What "As Is" REALLY Means When Buying A Mason Ohio Home
As a home buyer you've probably seen the phrase "As Is" and wondered exactly what that means. Most commonly you'll see As Is associated with a foreclosed or short sale home. Owners without enough money to pay the mortgage are generally NOT willing to spend dollars to make repairs. And banks? Don't get us started....
But if you decide to buy one of these As Is offered homes, does that mean you're "stuck" proceeding with the purchase no matter what?
We'll caveat this with pay CLOSE attention to the contract language, ESPECIALLY when dealing with a bank or relo company (having a real estate attorney review is a smart move), but typically As Is purchases do leave you an option or two.
First of all, GET A HOME INSPECTION!! Those few hundred dollars may be some of the best you'll ever spend in your entire life. You'll have a good summary of what is wrong with the home and exactly what you're getting yourself into. If the home inspection finds significant material defects with the home, there are options:
- You can cancel the contract by citing the defects.
- You can proceed with the purchase because you still want the home and you plan to fix the defects after closing.
- You can ask for repairs.
Wait a sec? Ask for repairs?? But this is an AS IS deal, right?
Well, yes and no. You ask, maybe the seller still says NO, and you're back to the first two options. Or maybe the seller doesn't want to risk the deal failing and maybe what you identified is so significant they know having to disclose it to future buyers will be a deal killer. Again, if it's a foreclosed property, don't hold your breath expecting repairs.
However, a "regular" home owner is probably feeling they gave you a GREAT price and thus the As Is clause. So assuming they are willing to work with you as the buyer to address the concerns, there are options:
- Seller may agree to fix the item prior to closing.
- Seller may offer a credit towards the repair and you get to address after completing the sale.
- Seller may ask for a price increase to cover the cost of the repair.
- Seller may offer to split the cost of the repairs.
Ultimately, just because a home purchase contract is As Is, it doesn't mean you don't have options. If a home is a perfect match for you, go ahead, write the offer and do your home inspections. Worst case, you're out the money for the home inspection, best case, you may just get a great deal on a home!
Serving Mason's home buyers and sellers!
Liz and Bill aka BLiz
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Liz direct: 513-265-3004
Bill direct: 513-520-5305
Our Website: www.LizTour.com
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