In some cases, you’ll see homes being sold “as is.” This means that you have to buy it exactly as you see it. There are no allowances for problems, you can’t negotiate because the windows are sixty years old, and if the home has been damaged, you won’t get a further reduction in price. Moreover, should a later inspection uncover serious damage you weren’t aware of at the time of sale, you’re out of luck when you attempt to recover your costs. So, are homes like this even worth a look? Absolutely.
When individuals simply want to sell a property, they’d frequently rather sell it in the current condition than try to make repairs before the sale occurs. For example, say an aging couple has decided to move to a nearby retirement village. In most cases, they no longer notice things like cracked plaster or aging floors. They simply want to leave the home and let the buyer take care of things. In many cases, homes like this aren’t in unrepairable conditions. It simply takes a bit of work to get them ready for the market again. The great thing about homes being sold in “As Is” condition is that they’re significantly less expensive than others on the market. You could easily make a heft profit simply by doing some minor repairs.
The danger here, though, is that you must know what you’re getting into before you sign a contract. Be sure to request a home inspection so you that you’re aware of any serious structural or foundation problems before you buy. Sure, an “As Is” home may look like a great deal, but if it’s structurally unsound, it could be condemned before you can ever get your first set of contractors in to have a look.
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