What You Didn't Know About Buying a House 'As Is' Ryan Hanley | May 19, As bank-owned properties and foreclosed homes continue to make up a significant portion of the housing market, "as is" sales are becoming more and more common. Feb 08, · Just like the sexy-hot European sports car you bought which turns out to get miles per gallon and not even have room for a suitcase in its trunk, the house that you spend months buying Author: Yuqing Pan.
New year, new you. Ringing in with new resolutions is datibg great way to start the year off on the right foot. From resolutions of weight loss, financial freedom, or more up our alley, homeownership! Okay, so this probably sounds html projects in bangalore dating, cumbersome, any other adjective you want to use to describe it; down right frightening. First things first; find Buying a house is like dating a realtor, someone who is dxting to listen to you, someone who will give you an honest opinion, someone who has your best interest in mind and someone you want to spend some time with both in person and on the phone! Find someone who is knowledgeable, read testimonials and reviews! Next thing is getting in touch with a mortgage officer.
Are you looking for love in all the wrong places? Why not have a little fun? In fact, most folks have come to expect it. Or how about this sneak attack: Online listings are no different. If you want to keep heartbreak at bay, be prepared for surprises, and remember sometimes you really do need to see it to believe it.
Find expert agents to help you buy your home. Anyone brave enough to try gets rejected right out of the gate. Be honest with yourself: Are you that person? Want to leave your home-buying dreams out in the cold? Here are a couple of great ways to do it: You expect perfection. Homes are a lot like people: They all have flaws. How can you identify which case it will be? Consult the Experts Real estate attorney Scott Berry said homes sold "as is" are more than just the seller's unwillingness to make repairs before unloading the property.
That's because most homes sold "as is" are bank-owned, REO or in the short sale process. These "owners" may not even live in the same state as the property, they have never even set foot on the property, and their "knowledge" of any severe defects or issues is extremely limited.
Their butts are covered, leaving any new owners extremely exposed. Don't Skip the Inspection Having a professional inspection conducted before the purchase of a home is always important, but it is extremely vital in the case of "as is" properties. Because most of theses homes are no longer owned by individual residents, you will probably have to pay for the costs of an inspection yourself.
Real estate agent Daryl Bronniche said most of his colleagues are like him, and have two or three qualified inspectors they work with on a regular basis. Ask your agent if they can refer you to a certified home inspector who can help identify any features of the home that are in need of repairs. Your inspection should include assessments regarding everything from the home's electrical and heating systems, to the condition of the roof, foundation and other structural aspects, to how many years the windows have left in them before they need replacing.
If the inspector says the home needs a new roof immediately, you can deduct the costs for repairs from the asking price. Many buyers are attracted to these homes because with a relatively minor improvement such as a new roof, the house is good as new and worth far more than what they paid for it.
If the inspection comes back stating the foundation is in dire straights, you may want to avoid the deal all together, however.