Wednesday, November 9, 2011

What Exactly Does ‘As Is’ Mean?

HomeInspection wide What Exactly Does As Is Mean?

We have all heard the term “as is” when looking to purchase a home. But, do you really know what “as-is” means?

Charlotte NC Realtor® Dave DiCecco explains it for you here.

“’As-is’ means different things to different people and different homes. In its simplest definition in regards to a real estate transaction, it simply means purchasing a home in the present condition that it is in.

Each home can be different in regards to the condition. But, when you agree to purchase a home as-is, you agree to purchase the home in the condition you have seen it in at the time of you presenting your offer. The seller agrees to sell the house in its present condition at the time of the offer was presented.

Homes can be in different conditions and sold ‘as-is.’ Generally banks will sell a home in this condition because they have never physically occupied the home. Thus they are unaware of any things that may be wrong with the home. It does not necessarily mean the home is good or in poor condition. The bank is taking away any liability from themselves in regards to disclosing anything with the house.

The consoling part is the banks realize there may be something wrong with the house and will allow a window of 7 to 10 days for the buyer to have a home inspection and walk away from the transaction for repairs that may need to be made.”

Read more: What Exactly Does 'As Is' Mean? |® Blogs

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