What does buying a home "AS IS" mean?
There are many misconceptions about what an "as is" home sale is. Some think that "as is" means that the buyer has to buy the property in "as it is" condition with all its problems. Others erroneously think that buying an"as is" property means that the buyer cannot do inspections and/or the seller does not need to disclose deficiencies.
NOT SO...buying an "as is" home ONLY means that the seller wants to sell the property "as it is" and is putting everyone on notice that seller is not willing to do any repairs.
Buyer still has the right to do inspections for anything that they wish as long as the inspections do not damage the property, and they still have the right to re-negotiate the contract with the seller for anything that is important to them...it does not have to be a major deficiency, but more than likely if it is not serious, the seller will not give any concessions.
After inspections, the buyer has the right to decide:
- OK, I will accept the property "as it is"
- No, I no longer am interested in buying.
- Maybe, if the seller will lower the price, or fix the problem or give me a credit for repairs.
Nothing precludes the seller from fixing the deficiencies if they choose to and NOTHING ALLOWS THE SELLER TO CANCEL THE CONTRACT DURING THESE NEGOTIATIONS. The ball is in the buyers court to decide under what conditions they wish to proceed.
Copyright @ Buyers Broker of Florida 2012 "What does buying a home "AS IS" mean?"