Hi Christ,

The answer to your question is a Home Inspection. This will be your most comprehensive inspection that you pay for. Your agent or their Transaction Coordinator can help you set up an appointment with your Inspector of choice once you open escrow. Keep in mind that not all Licensed Property Inspectors are Licensed Roofers. Therefore, if you have concerns about the roof, then you should also plan to have a Licensed Roofer inspect the home. This will be an additional cost to you as the buyer, however you will be in a much better position when it comes to knowing the condition of the home. Do not fear the fact that the home is being sold "As Is". Most homeowners say they are selling "As Is" but that could change once you have completed a property inspection and the Sellers motivation to sell becomes more critical. If may be of further assistance I specialize in Single Family Residential sales in the City of Glendora. Best of luck!

Matt

Dear Chris,
There is a risk when purchasing any "as is" property, and you have to be prepared for that. The best thing to do is to have a through inspection done so that you know in advance, what kind of expense you will have when making repairs. You can then make your decision, based upon that information.

As-Is can vary from needing paint and carpet to not having a kitchen. You need to decide how much work you're willing to put into a home before searching. I always suggest a Home Inspection so you know what you're getting yourself into but you need to make the decision about what level of work you're willing to put into the home. No matter how nice a home is, you'll always want to make it your own so you should expect to some level of work to the home after you Close Escrow.

Hi Christ:

It sounds like you have an agent and you should be talking to him/her regarding your concerns.
Almost all REO’s (Real Estate Owned and Short Sale Properties have that verbiage in the MLS instructions, but in reality all homes actually are under the same premise. Section 7A of the California Residential Purchase Agreement states that the property is sold AS IS, so unless you have written that something need to be addressed in the contract when you make your offer, all properties are sold “AS IS”. You have a right to find out what that AS IS by you contingency time.

During that period of time you usually have a home inspection, you look at any disclosures that have been provided, you check out the Pre-lim, you check out the neighborhood, the school district, the appraisal, HOA, etc. If it is a standard contract the amount of time that is allowed is 17 days and if the property is not what you think it was, then you have the opportunity to cancel the escrow (make sure that is how your contract is written.). After that time period you are usually asked to remove your contingencies in writing. Once you have removed your contingencies in writing then there are consequences if you back out of the contract, it can be the amount of your deposit or as high as 3% of the purchase price. All of this should be explained to you by your agent, prior to you making an offer.


I hope that helps.

Diana 909-945-5763

Hello ...

The answer depends on several factors. Buying a home AS-IS may or may not be a huge undertaking depending on the condition of the home.

The second major factor is you. If the property does have a fair amount of work to be done, do you have the expertise to do it yourself or the funds to pay professionals to do it? The last major factor is value ... can you buy the property for a price that allows you to fix it up without over-spending as it relates to current market value?

For example, let's say you get the property for $200K and it's worth $250K fixed up. If you have to put in $100K worth of work, you may want to reconsider, unless you plan to be in the property for quite some time.

While there are other, more intricate factors and considerations, these are the main ones that can help you make your decision.

If you would like to discuss more about your specific circumstances, feel free to call me at 909.248.4224.

ANGIE

Just because a property is being sold "as is" doesn't mean you can't have a home inspection.

Make sure any contract you sign has a clause giving you the right for a full home inspection , and an out if there are too many issues or problems.

Your Realtor can help explain all of this to you, and guide you properly.

Good luck!
Debbie Rose
Prudential NJ Properties

Do you have an agent? If not I can help you. I am an expert in this area and this type of sale. Give me a call 626-627-6760.