East Valley Real Estate: What does it really mean to buy as-is?
With so many distressed properties on the market, more and more are being sold “As-Is”. There are many version of the addendum that describe the the As-Is conditions, but in general, the buyer still has the right to inspect the home, but the Seller is not obligated to make any repairs if defects are found.
Some defects such as a leaky roof, plumbing issues or AC problems may make it difficult to get financing for a home. In some cases, the Seller may upon request elect to repair these items so the Buyer can still qualify for a mortgage. Although this is rare in a short sale, it does happen in transactions involving bank-owned homes on a regular basis.
So when you see an East Valley home is being sold as-is, do not expect any repairs, but know if something major is wrong with the house there is a chance it could be fixed or a credit could be made. There is always the opportunity to try and negotiate. The worst they can do is say no.
Thanks to Sasha Lopez for her thumbs up approval.