It never hurts to ask if there is a home warranty on the property, to get your own inspector in there and make sure nothing was left undisclosed, and to have your realtor look over the terms of the contract with you to see what it says about repair costs etc. Additionally, the state of New Jersey requires a 3-day attorney review period when negotiating a contract that was drawn up by an agent. You should take advantage of this if you have any concerns about the terms of a contract.
Sales Associate, Realtor
Berkshire Hathaway HomeServices Fox & Roach Realtors
Moorestown, NJ 08057
"as is" is the sellers way of putting you the buyer on notice that he has no intentions of doing any repairs.
Having said that you should know there is always room for negotiation. If the seller has agreed to provide a Use and Occupancy certificate and the municipality requires repairs he may still be responsible for them. If your inspection uncovers previously unknown defects then it may be better to negotiate with you rather than have to disclose them to a subsequent buyer. The point is know your contract and adhere to it. You should use an experienced and knowledgeable agent. "as is" is what you make of it and what you and the seller agree to in the contract.
Fran and Mark Reddiing
Prudential Fox and Roach, Realtors
1010 Stony Hill Road
Yardley PA 19067
The difference between as is and not as is
As is ---- means that the current owner will NOT fix anything, nor pay you anything as an agreement after inspection shows short comings and needed repairs (like chimney needs fixing, furnace is very old and needs replacing, roof needs repairs) You will still have an inspection before making an offer, and if the inspection shows too many items that need repairs, replacement of fixing and you do NOT want to take them on, you just simply do not make an offer on the property, if you do, you get estimates on how much it will cost you and you then decide what you want to offer on that property, obviously less than if there were only minor issues
As is ---- if the issues are major you just do not make an offer or if you make an offer make it depending
on the outcome of the inspection, and if the repairs are too many you get out of the contract!
But from the beginning you know that there will be as usually is the case NO NEGOTIATING WITH THE SELLER ABOUT ISSUES FROM THE INSPECTION WHATEVER THEY ARE.
I hope this will answer your questions....
Good Luck a happy 2012
Edith YourRealtor4Life~! and your Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, buyers, sellers and investors alike....
Edith Always goes the X-tra Mile with a Smile for her clients!
Referrals of your friends, family and acquaintances are always highly appreciated
"AS IS" means without guarantees as to the condition of the property. The premises are to be accepted by the buyer or tenant as they are, including physical defects.
The extent and meaning of "AS IS" is normally defined in detail within most written agreements and may vary slightly from one contract to another.
Buyers of "AS IS" property would be wise to exercise their right to inspections as defined within the contract.
I agree with Laura that the owner is trying to avoid having to pay for any repairs. My experience however is that after an offer is made and an inspection done, if there are significant issues that may limit financing or would scare off any subsequent buyers, things can change.
Just proceed with care. If it says, "as is" be prepared to walk away if they do refuse your request. This can be risky as you will have tied yourself to a property and spent money on an inspection.
"As Is" means that the owner is not willing to perform any repairs on the property. Not all home sales are As Is. Many short sale sellers state this on their listings as they probably don't have the funds to make the repairs. Hopefully, the asking price reflects the condition of the home.
Prudential Connecticut Realty