02 Jun
What does “as-is” mean?
Posted June 2nd, 2008 | View Comments
With the recent bank foreclosures crowding the marketplace, you will probably be told by your Realtor when you start talking about making an offer that the house you are looking at is an “as-is sale.” This means that the seller will make no repairs, termite or otherwise and will simply pass title on to you. They might not be averse to crediting you back money for closing costs – usually 3% of the purchase price – but you would have to cover the repairs.
In such a case, it is a very good idea to get not just a complete home inspection, but also a termite, and roof inspection of the property. Most contractors will also give you an estimate of what the project will cost. That way you know if you are willing to make the commitment to fix what’s broken, or just move on to another property where the seller will make repairs.
