Bottom line then, with ANY contract. Know what its says and what it means. If you are not sure, if there are conflicting clauses, if you want something "a little bit different,â€ consult legal counsel. I believe there are a bunch of people anxious to help you out, for a fee of course.
Now you also have very kind advice from people in Illinois and North Carolina. They are foolish enough to waste their time. Don't let them waste yours. There are plenty of experienced agents in New Jersey who can steer you in the right direction. Laura and Jeanne have proven themselves in many responses. They are very good on this one as well. I can't speak for or against the others.
I am not sure how your contracts are written in NJ, so your attorney is your best resource for getting the legally most correct answer. In my experience in my area, let's say I am working with a buyer who makes an offer on an "AS IS' property...... the understanding is that the Seller/Owner is not willing to negotiate anything based on a potential inspection, although it never hurts to try - the answer can only be no!
whether offered as is or not, the buyer has the right to have an inspection done at buyers expense and then
the buyer after he actually knows a bit more about the condition of the home, can make the educated decision if he wants to proceed with the purchase contract or if he wants to get out of it, based on the inspection results...
And the decision heavily will depend on the originally negotiated purchase price, and the kind of potential problems the inspector found. Often the as is, is related to minor items, that add up though, like refinishing hardwood flooring, or new carpeting, new appliances, new countertop, new windows etc., but if those items have been included in the originally negotiated purchase price, then it may be ok to continue, but if
with the inspector one finds major problems cracks in the foundation, mold, new roof, new furnace new A/C
a lot of more expensive items that were not clear when making the offer, then potentially getting out of the contract based on the inspection is a better way to go.
But always always, make sure that the contract as is or not includes the right of the buyer to have an inspection during the A/I period given in the contract for inspection and attorney approval.
I hope this answers your question even though you are the seller....
As is or not the buyer can have an inspection and can during the A/I period get themselves out of the contract!
Take care and all the best to you.
Edith Karoline YourRealtor4Life!
& Your Chicago Connection
This is not legal advice, so be sure to get the advice of an attorney.
Keller Williams Realty - Atlantic Shore
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