Buying “AS-IS” Property.
There are many misconceptions about buying an “as-is” property. It does NOT mean than you have to buy a property “as-it-is” with all its problems.
You still have the right to do inspections….for anything that you wish, as long as you do not damage the property.
After inspections you have the right to say:
1. OK, I will take the property “as it is”.
2. No thank you, I do not want it.
3. Maybe, if the seller will lower the price or fix the problem.
Typically, if repairs needed are not excessive or beyond buyers budget, buyer just accepts the property and closes. However, if the deficiencies are more serious, the buyer has the right to re-negotiate the contract after inspections. Depending upon many factors, including the cost of the property, the seriousness of the problem, the situation of the seller, the buyer can ask for seller concessions. The seller may agree to fix it, pay for part of it, reduce the price of the property or not do anything at all.
If the seller agrees to fix certain things, then the contract is no longer “as is” because the seller now made an agreement to repair, which they are obligated to do.
On the other hand, if your contract has a provision to protect you and the property has deficiencies that you cannot accept, you can just walk away and get your deposited monies back.
Copyright © Buyers Broker of Florida 2010 “Buying “AS IS” Property”