Remember the Tom Hanks movie “The Money Pit”? Our advice is for you to protect yourself to avoid a costly mistake and know what you are purchasing before you sign the contract.
There is nothing wrong with purchasing a home “as is”, but knowledge of a home’s current condition is imperative before you make a decision on if a particular “as is” property is the right good choice for you. There are many reasons why a seller would be selling a home under this clause and it does not automatically mean there are major defects. For example, they simply may not want to invest any additional monies into their home, they don’t want to deal with contractors, they are looking to close quickly or possibly they decide they don’t want to be responsible for the repairs.
However, when buying a home “as is”, it’s imperative that you have a professional, quality home inspection to ensure you are aware of the current conditions of the home and to have an idea of what you are getting yourself into.
You may think to yourself, I’m handy and can get a general sense of the home’s condition. You might even immediately see some of the obvious defects. But it’s what you don’t see is where you could potentially get yourself into some trouble. InterNACHI Home inspectors follow strict guidelines and are trained to look for things that are not so obvious and that you are likely not to notice.
Another consideration is that many states require a seller to provide written documentation/disclosure about the condition of the home. However, sellers will often provide as little information as possible and once in a while, you come across a seller who is not forthcoming with known defects. A home inspection will fill in the gaps and provide you with any information that may not have been disclosed. If an inspector finds evidence that a seller concealed information, it’s a good sign that you might not want to purchase the home from that seller.
Knowing the current condition of an “as is” home, armed with a home inspector’s detailed report, means you’ll be in a better position to know whether you want to buy it. You may also be able to use information from the home inspection to negotiate a lower price.
When considering purchasing a “as is” home or any other home, we recommend to hire a home inspector first. Remember: The cost of a home inspection is minimal compared to the price of the home. Be an informed consumer, protect yourself, avoid purchasing a money pit and hire an InterNACHI Certified Professional Inspector®.