Waht is a AS IS - Purchase Contract?

[Lyn_OHIO]

What is the name of your state? Ohio

What is an "As-Is" Purchase, I have seen this in listings in the realestate book... what are they talking about? Is this something like a car without warranty no return??

Thanks,
Lyn

[blksheep]

It simply means that the seller will not fix anything that may be wrong/broke. The buyer has no recourse to come back to the seller after the sale and request reimbursment for anything. It can sometimes be a good deal becuse the seller is asking a really low price to compensate for the as-is clause or it can end up a nightmare if there are expensive repairs that need to be done.

[lcannister]

In light of such a simple question, you can google and get hundreds of links by the way, definately get an Atty for your fsbo question!

[LindaP777]

Originally Posted by blksheep

it can end up a nightmare if there are expensive repairs that need to be done.

Not necessarily correct. The house could be for sale REO through a bank, from a foreclosure). They are sold "as is".

[danno6925]

LYN-OHIO: That's a fairly elementary question you're asking. Might that real estate book you mention be a study guide for a real estate course? Blksheep and LindaP gave you pretty good answers.

[Lyn_OHIO]

Hi - I was referring to a property magazine that we get that shows all properties for sale in our area. It is not a learning guide just properties, and seen allot of them state as-is.
Thanks for all your input. I am reading and taking all advice you give me. I really appreciate all your input good and bad.
I have more questions to ask and I hope I am not too much of a bother, I know some of my questions will seem "simple school" but please bear with me - I am new to this (smile).
Thanks again,
Lyn

[HomeGuru]

Originally Posted by Lyn_OHIO

Hi - I was referring to a property magazine that we get that shows all properties for sale in our area. It is not a learning guide just properties, and seen allot of them state as-is.
Thanks for all your input. I am reading and taking all advice you give me. I really appreciate all your input good and bad.
I have more questions to ask and I hope I am not too much of a bother, I know some of my questions will seem "simple school" but please bear with me - I am new to this (smile).
Thanks again,
Lyn

**A: ask all the questions you want. Some questions a poster may seem "simple" but it may really not be or may be a question others may have wanted to know the answer to but were afraid to ask.

[garcammad]

I second what blksheep said. We have been looking for a house for a while now and have come across "as is" homes and they are usually forclosures. Sometimes (like the one we just signed a contract on) they can be older homes or an inherited home that the seller knows there are things that needed to be done to the house, and they are not willing to fix the problems in order to sell the house. From what I've seen, they asking price is usually much lower than similar houses that don't need work. In my experience, the buyer has the right to get a home inspection, which would tell you about any problems before you enter a contract. There are also contractors that will do that for you at no charge.

[nextwife]

Example: I bought my house from a trust. The resident had advanced Alzheimers, and obviously could not be relied upon to share any structural/mechanical status of the house. So the trust was selling as-is, and making no warranties as to condition, survey matters, etc. This was NOT my first house, and I would advise against anyone who had very limited funds to buy an as-is home. "As-is" may not be a best FIRST home choice. And even with my real estate knowledge, I still made the deal subject to inspection, and other standard continguencies, like title.

Unless they are very handy and have very handy friends AND first have a good, experienced, qualified inspection done, they can't risk expensive repairs that they have no means to complete.. In my case, I knowingly assumed responsibility for all code compliance work (about $8,000), a new roof within a year, and a new furnace within two, plus cosmetic upgrades.

But so what? WE now have a house in a great school district, fabulous location, and that has more than doubled, even in todays market. WE also bought a far, far lower payment than we "qualified" to get, which gave us plenty of breathing room.