Things To Know When Buying A Home “As Is”

Real Estate In Elmhurst
Real Estate In Elmhurst

When searching for real estate in Elmhurst, you might come across properties that are listed “as is”. In most cases, homes that are listed “as is” can be less costly than other homes. Hence, a lot of people tend to go for such properties because of the reduction in their price. But before purchasing an “as is” home, it is necessary for you to be aware of the benefits and dangers associated with them. Therefore, we list some of the important things you have to know when buying a home “as is”.

Why A Home Is Listed “As Is”?

In most cases, a home is listed “as is” when the seller is not ready to pay for repairs. In normal cases, most buyers request the homeowners to perform repairs after the home inspection. If the seller is not ready to perform the repairs, then the buyer can walk out of the deal without any compensation or penalty.

But if you are buying a home that is listed “as is”, then this won’t be possible for you, as you have agreed to buy it as it is now. Be aware that you will have the sole responsibility to perform repairs in this situation.

So when buying such a home because of the reduction in the listing price, you should foresee the cost of repairs that you will have to perform. In some cases, there can be severe damage to the property including structural damage. In such a situation, it might be necessary for you to spend a huge amount to make the house liveable. Hence, before buying a home “as is”, it is necessary for you to perform a thorough inspection.

Do “As Is” Homes Always Have Big Problems?

Not necessarily. In some cases, there will only be some minor repairs that you will have to perform. In addition to avoiding repair costs, a seller might list his home “as is” because of some other reasons including:

  • He is in a hurry to sell the property and doesn’t have time for repairs
  • He wants to avoid the negotiations over repairs
  • He doesn’t have enough funds to perform fixes, even the minor ones

In such cases, there might not necessarily be many major issues with the property.

But when buying a property “as is”, it is necessary for you to perform a home inspection to understand the condition of the home. You can hire a professional home inspector and real estate agent in Elmhurst to perform a detailed inspection of the house.