Foreclosure in Zion>Question Details

Phyllis, Home Buyer in Glenview, IL

would you buy an as is propery in zion illinois?

Asked by Phyllis, Glenview, IL Mon Aug 13, 2007

0 votes Share Flag Foreclosure in Zion

Help the community by answering this question:

Answers

5
As a wise attorney once asked me "what is as is"? Are we referring to what you see is what your get? Or I am not doing any work of any kind? Or take it the way it is and I will give your a credit for repairs? It is sometimes a broad phrase without the maker or those words and the received having totally different meanings.

To sell a property "as is" and have full disclosure and inspections is one storey vs no inspections.

What do you me by "as is"?
Web Reference: http://pamwinterbauer.com
1 vote Thank Flag Link Tue Aug 14, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
Contact
It is fine to purchase an "as is" property as long as you understand that there is no inspection, and ther may not be a disclosure. Even with a disclosure you can't really count on the accuracy of the information if the person is not the original owner.

You should gather as much information as possible about the property, neighborhood and surrounding area before making a decision.

Additionally, when buying "as is" you have to be prepared for the worst case scenario. You must really understand that this may go fine, or you may end up with a lot of expensive, and time consuming repairs. As long as you understand that going in and are ready, willling and able to handle any necessary repairs then you should be fine.
0 votes Thank Flag Link Tue Aug 14, 2007
Some foreclosures/REO/estate sale properties are automatically "as-is" because the bank/owner doesn't know the condition of the house. Our best investment ever was an "as-is" in Brookfield where the village inspector asked my husband if he wanted him to "condemn" the home so we could get out of the contract. We said no because everything wrong was clearly exposed so there were no surprises when we started fixing it up.

However, some "as-is" sales are intended to hide problems. You need to proceed with caution.

When we were selling a fixed up home (with a warranty), we hadn't replaced the roof. We knew the inspector would ding us for that and we planned to give a credit. When we were negotiating the price, we went much lower than we had planned so we agreed on the price if they took the home "as-is". The reason was we were not about to give a credit at that point for the roof. Many times you will see the home selling in normal condition except for one thing is marked "as-is" condition such as a garage or hot water heater.

Other times "as-is" means that they are not going to leave the home "broom clean." This can be a huge cost or an unexpected windfall. You might have to spend thousands of dollars cleaning out all of the junk but you might find a diamond necklace worth a million dollars. Find out WHY it is being sold "as-is."
Good luck,
Ruth
Web Reference: http://www.oak-park-il.com
0 votes Thank Flag Link Mon Aug 13, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
"As is" is an interesting term. I would make sure to have every inspection available so you clealrly kow what you're walking into. I'm in escrow for an investment propert in CA that is "as is." That just makes me want to explore further. What could the seller be hiding?
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Mon Aug 13, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
Depends on the price and what your home inspector says...how handy you are...the condition of the house, etc.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Mon Aug 13, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Illinois > Lake County > Zion > Foreclosure in Zion > Question
Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer