Does “As Is” Mean Buyer Beware?
September 3rd, 2009 categories: Buyer Resource, Foreclosures, Seller Resource
When a property is sold “As Is” does this mean the property has issues? Not necessarily. In MOST cases it means that the owner does not warrant anything about the property, and the property is priced to sell with no further improvements.
With all of the foreclosures on the market, most are sold “As Is” and plenty of people are interested in these. Does this mean the properties should be avoided? Hardly. Does this mean that the buyers are unsophisticated? Not at all. When it comes to foreclosures, “As Is” status usually means that the owner, typically a bank, does not have any specific knowledge of the property since they have not resided there, and are pricing the property to sell with no fixes.
When we sell a home here in Sonoma County, we always suggest that the buyer get a professional home inspection…and for all of our out of area readers, we certainly suggest the same. When you are looking for a home inspector, make sure you choose one who takes their job seriously, has great references, and invests in their Business.
The last home I purchased was an “As Is” sale, and things have worked out well so far. I renovated the property in many respects, and we never found any issues when we opened up walls, etc.
Bottom Line: If you are interested in Sonoma County Short Sales, Sonoma County Foreclosures, or even traditionally sold Sonoma County Homes please do not let “As Is” scare you away.
