Buying a home is a little bit anxiety ridden, no matter what the situation. It’s a huge investment, many times the biggest investment people ever make. There are risks involved at every turn, and with such large amounts of money on the line, emotions run high. That is never more true than in an as-is sale. A buyer may choose this option because a home is at a particularly great price, in a desired neighborhood, or for many other reasons. It could turn out to be a great decision for a buyer, or a major headache. Make sure to consult your Hagan agent as to whether or not this is a good move for you. I have created a list of some things you may want to consider.
- Who is asking for the as-is sale? If the seller is insisting on as-is, there’s a good chance it’s because there’s something that they know is a problem or has proved to be a problem in the past. If, however, you and your agent think asking for an as-is sale is a good negotiating tool, it could be just the thing that puts your offer ahead of competitors.
- How old is the home? If the home is fairly new, there’s a chance there aren’t any major problems. You could check out other homes in the community, talk to the builder, and talk to the neighbors to find out if there are any common problems.
- Is there a condo association or HOA? While these associations aren’t usually a homeowner’s best friend because of all the rules they impose, they do serve a very good purpose. They generally keep the homes in fairly good shape, without too many problems.
- Have you built in a contingency fund to your offer? If you’re offering well below asking price or the home is already below your max budget, you may have room if major repairs sneak up on you.
- Can you still ask for an inspection? Absolutely. You can ask for anything you want, and the seller may or may not take you up on it. As-is just means that whatever problems your inspection uncovers will not be fixed by the seller. It is well within your rights to know what you’re getting yourself into, however.
Is an as-is deal worth the risk? Make sure to talk to your Hagan agent about it. We’ve dealt with many different scenarios involving as-is properties, and we can help point you in the right direction. Make sure you ask yourself these questions and be sure to discuss them in length with your agent. And while we may not be able to look into the future or behind walls, for that matter, we can certainly give you the benefit of expertise to know whether or not this is a good decision for you and your investment.