If your on the market for a new home, you may have come across the term “as is.” Basically, this term means that the seller is not going to make any repairs to the home prior to selling. As the term states, is means you are purchasing the home exactly as it is. Usually, “as is” homes are priced lower than others, but there are both pros and cons to purchasing an “as is” home. It’s important to understand the positives and negatives before actually buying these types of properties.
Key Takeaways:
- An “as is” home seller could be in a hurry to sell or could lack the funds to pay for repairs.
- Even if you are comfortable with buying “as is,” you should still get a home inpsection.
- Quick closing times are a benefit of “as is” purchases, but be careful not to move too fast.
“Depending on the condition of the property, there’s a possibility that the home is going to be considered a fixer upper by lenders, and thus less attractive for financing.”
Read more: https://www.moving.com/tips/what-does-it-mean-to-buy-a-home-as-is/