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current6571 | What does "AS IS" mean in Real Estate? |
Hello, I have recently started house hunting. I found a place online I would like to look at but I noticed it said this home is "AS IS" does that mean that there is a problem with the home that the seller is aware of but does not want to fix? Thanks! |
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tiayanamendoza
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"As is" means don't ask the seller to make improvements. For example, a normal house for sale may have old worn carpet. The buyer can negotiate the seller to replace the carpet OR give the buyer a credit for the price of replacing the carpet. In normal house sales, negotiations like this take place all the time.
With an "as is" property, the seller is full aware of the things wrong with the house and they do not intend to fix them. They can be minor things like worn carpet or old paint, but they can also be major things like an old roof or substandard plumbing. They don't want you to go into the offer expecting to negotiate. Does that make sense? |
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girlwhoknowsitstrue
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It means that there is no warranty of "merchantability", which means that it may not even pass a home inspection. There may not be anything specific, and even "as is" homes have some protection (but not much). You'd best have a crack home inspector if you buy that house. |
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deltaxray7
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Same thing it does when you see it on a used car.........
if it dies when you drive it off the lot, tough luck...
If someone actually has the gonads to advertise a house
as is, I wouldn't touch it with a ten foot pole. |
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BlkJac
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There are two reasons a seller would want to sell "AS IS"
1. There is something wrong... or many things wrong... and he doesn't want to tell you.
2. It might mean there isn't anything wrong he just doesn't want to deal with inspectors, repairs etc. He is a hurry to sell and get out of the house.
He might allow you to have an inspection then you would know what you are dealing with just don't ask the seller to fix anything. |
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joseph s
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that means the way it is when you go to see it, is the way it will be when you buy it, damages and all |
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teran_realtor
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Unless you are a government entity, don't market a house "AS IS", and don't put the words "as is" in the contract. Market it "Sold in it's Present Condition", or "seller to make no further repairs".
As Is technically means "There might be something wrong with the house, there might not. I'm not gonna tell you, even if I know. And it's my legal right." Only the government can make that statement.
In Texas, there are 11 reasons for which a seller does not have to fill out a seller's disclosure. Even if they fit into this category, but know of a latent defect, IT MUST BE DISCLOSED. Alot of investors think they don't have to disclose stuff. Investors are NOT one of the 11 reasons.
Lastly, buying a house that's legally 'As Is" doesn't have to be a nightmare. I live in one I bought like that - it's was a HUD house. We ran the vacuum, cleaned the bathrooms and kitchen and moved in. |
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Chrisusc
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I would frankly stay away from any home listed "as is'. As Girlwhoknows already stated, there could be something wrong with the home. Further, even a home inspector may not catch the problem, as many of them have little if any long-term experience. As well, real estate agents for the sellers (listing agents) are required to disclose things they know are wrong with a home, but seldom do disclose things that are latent defects (hidden things wrong). And why would they, they are looking for a commission.
You also sound as if you dont know much about real estate. Since you may be buying your first home, have fun with it and get something that is in good condition. You dont want to be learning how to fix major things, nor do you want to have to dole out the money as well.
When you do find a home you like (that is in good condition), have a good licensed contractor look at the home. He/she can better tell you what is wrong with the home, if anything.
Finally, you may want to wait another 6 to 12 months to buy anyhow, as the real estate market is slowing. In most areas you can pick and choose what house you want, the terms, get seller concessions and lowball your offer.
Take care. |
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Enigma
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Self explanatory
What you see is what you get... however hidden things are not covered as well.
AS IS is a form of a release of liability for a home that has yet to pass proper inspection or is too new on the market from foreclosure. Is short the root of it means, the home/property has some problems that are probably identified in the contract however usually some are left out and later explained as a reaction to an existing problem listed in the buyers notification. This however, does not nullify litigation for remedy on a faulty purchase, but it does give you a headache in legal troubles to prove your case.
Simply put, when you purchase a car and it has a warranty listed as "AS IS", generaly the same meaning applies.
States vary in real estate remedy and you should check with our county tax assessor on the property and if need be contact previous owners for unbiased information. All repairs are to be listed on the discovery document, however, crooks interested in just the sale, leave most out, which, if proven is a felony in most states. |
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shecatdevil
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Just because a listing states "AS IS" doesnt necessarily mean there is a problem with the house. The seller is just saying that he/she is not offering NO GUARANTEES on the house. If the furnace or air conditioning fails, you are on your own and cannot take any recourse on him. Sorta like buying a used car....most are "AS IS." Just know its a buyers market these days when buying real estate! So look around!! Good luck in your endeavors! |
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ISEL
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EXACTLY WHAT IT SAYS AS-IS THE CONDITION OF THE HOUSE AS U SEE IT. YOU CAN DO AN INSPECTION AND CANCEL THE CONTRACT WITH NO REASON.. IT HAS TO B INSPECTED IN THE TIME SPECIFIED ON THE BI -LATERAL CONTRACT. |
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K B
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Means, if the house has any damage, needs any work done, needs any repairs, or if anything fails shortly after you buy it, TOUGH! You will have to repair, get work done, replace, whatever yourself. |
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hawndawg
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sometimes, but there is always something wrong anyway so get used to it.
This "as-is" phrase has no true legal meaning but some sellers think it protects them from later lawsuit. it does not. in fact it may prove they were aware of a hidden defect and were trying to insulate themselves from it when you ( buyer) noticed it after the sale.
legally the seller is responisble for anything he knows of or SHOULD have known of ( being in his position) so he can be sued for anything that you find later, so long as it is within a certain time ( statute of limitations law) .
the old adage of Buyer Beware, does NOT apply to sales of homes.( in most states)
AS A SELLER:
The best protection is to do a very careful search , or hire an expert to do one, then make a complete list of EVERYTHING that is or could be wrong with the home and then disclose it to the buyer in writing and have him sign it as received a written copy of it. This will insulate you from later lawsuits if you are the seller. reveal everything you know. some states require it and some have forms that serve as reminders of what to consider on the list. use them.
Accept less for the property if must be, it will be way cheaper than a lawsuit later.
AS A BUYER:
get a broker to do the sale and get an attorney to check the contracts. DO IT! and you may be safe.
As a buyer, you can hire a inspector to check out the home for you. look around yourself very careful too and see what you can see. ask questions. talk to neighbors. be proactive. protect yourself. do not trust anyone completely.
check the county building dept for permits etc and see if it is up to code and legal. |
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Amy N
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As Is basically means that what you see is what you get.......so if you look at the house and dont like something it is not going to be fixed....you would have to do it yourself |
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autonomous1980
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i thinks thats what it means.
I think it also ensures that there is something wrong with it and you better inspect it up and down so there wont be any surprises later. |
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Mariposa
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Just like a car. What you buy is what you get. If you later run into problems, you will have to pay for fixing it since the owner is not responsible. |
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St N
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Yes. The house may have Urea foam in the walls, it may be falling down or it may be in the middle of the swamp. As is always means you have a major amount of work to do to make it decent. If that doesn't scare you away then you can use it to bargain down the price. Check out the foam and other hazardous contaminants first as that makes purchase of the place stupid unless the current owner pays for clean up. |
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