What Does Buying an “As Is” Home Really Mean??

December 13, 2009

Residential and General

Buying an “As Is” Home article is correct regarding all of the points made, but it did omit one important item – there’s nothing wrong with asking for a price reduction, or cashback towards repairs, after the inspection has been completed.

When representing Buyers, even on a bank repo clearly listed as an “As Is” house, we always Buying an "As Is" Home prepare a repairs list with contractor prices next to the item needing repairs.    Usually the repairs add up to thousands of dollars, sometimes even tens of thousands of dollars, and we ask the bank for a price reduction.

So far the banks have complied, or negotiated, in about 80% of the transactions, even though the home was originally listed “As Is” and the listing agent was adamant that the “As Is” clause was non-negotiable.   We’ve had water heaters and pool heaters replaced, as well as broken windows fixed.

So read the article (link below), but keep in mind that it never hurts to ask for a credit, or a price reduction, based on the discovered repairs.

http://www.biggerpockets.com/renewsblog/2009/11/21/what-does-buying-home-as-is-really-mean-real-estate/

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