Hey everybody, it's Rob Chevez coming out you with another pro tip. Here's a question that I got earlier today, and I think that's just an awesome question. They asked, “Hey, this house is being sold ‘as is’. What does that actually mean for me as the buyer?” Well, what that essentially means is they're not going to do any repairs to the home. It still means that you have the right to inspect the house though. Which means you have the right to get out if you need to.
What you can do is get the home inspection for “informational purposes only” with the right to void. There is an option in the contract that allows you to do that, which is always suggested to do so that you have an out. What you don't want to do is write it in “as is” condition without having some kind of home inspection only to find out that there's a structural problem which could cause issues for you down the road. Then the home is going to cost more than what you thought it might cost you and now your stuck!
Now, let’s say the worst has happened and the above is a reality. You might have to get out of the contract even though your offer didn’t include the right to void. Luckily, a good agent knows that there are some other things that you can do in order to get out.
As an example, let’s say the above happened. Disclosing the problems that were found to the lender. Now that the lender knows there is a serious issue, they won’t lend you the money depending on how serious it is (like a structural issue). This might allow you to then get out on your financing contingency. There are always different option when playing the “chess game”, while under contract on a home, to protect you. Another common exit is if the home is in an HOA. If you realize there is an issue that you need out on, and you still haven't been given the documents, you have the right to get out.
Just know that when you are buying a home in “as is” condition, you could still do a home inspection “for informational purposes only” with the right to void. This way you protect yourself if a home is being sold in “as is” condition. As always, if you have questions about any of this stuff.. email us, text us, call us, or comment below.
Have a great day. Take Care!