When you’re investigating buying a house, you quickly discover homes available in various conditions. If you’ve found a home you really like and the seller includes an “as is” clause in the contract, it’s understandable to hesitate. Sometimes an “as is” home is quite redeemable and other times, it can turn into a money pit. It’s important to consider several aspects before buying a house “as is.”

How “as is” affects a purchase contract

In a standard home purchase contract, it states that key items must be in “standard working order.” These items can include appliances, HVAC systems, plumbing, and electrical systems. Working order simply means that items are functioning and doesn’t guarantee that they’re functioning properly. If during an inspection, you discover that any items in the contract aren’t in normal working order, it’s up to the seller to make repairs. The “as is” clause in a purchase contract doesn’t require that any items be in normal working order except the smoke detectors. Local law requires that smoke detectors work properly, but beyond that, you’re on your own for repairs as a buyer.

Importance of a home inspection

Many homes listed “as is” have a higher risk associated with them. It’s up to you as the buyer to know exactly what you’re getting into by having the home inspected. For purchase contracts that give a timeframe for getting out of the deal, you need to have the home inspected promptly. If you find that buying a house “as is” requires too much money or time, you can then walk away from the deal. Some homes are listed “as is” because they’re foreclosures and not necessarily because there’s anything major wrong with the house. However, foreclosed homes may sit empty for several months and the bank doesn’t have the previous owner’s knowledge of existing home issues. Having the home inspected before closing the deal lets you know exactly what type of repairs it may need and consider those costs in your budget.

Learn about the home

Although the current owners may not want to divulge information on an “as is” house (or in the case of a bank-owned foreclosure, may not know all the details), you can still learn more about the home by doing some independent research. Visit the neighborhood and see if you can find neighbors willing to talk to you about the home for sale. Ask them if they know of issues associated with the home such as a leaky roof that required repairs at some point. When viewing the home for the first time, pay attention to anything that appears in poor or unusual condition such as water stains on the ceilings or cracks in the walls. Make sure your home inspector investigates these issues thoroughly.

When you’re considering buying a house in “as is” condition you need to ask yourself if you’re prepared for “the worst.” The words “as is” can incorporate various problems that you may not discover until you’ve finalized the deal.

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