When you see the term “as is” in a real estate listing, it could potentially be a red flag for a headache or two down the road. It essentially means that the buyer must accept the home in the condition that it is currently in, without expecting the seller to repair it prior to the closing. The buyer will probably not receive any credits for future repairs, either.
While this can be advantageous for the seller (quick sell), and the buyer (lower upfront costs), many agencies, ones like Real Estate Partners, LLC know that “as is” sales come with their fair share of problems. Here are some of the things that you, as a buyer, should look out for:
Mold and Mildew
Mold is unhealthy to breathe in and the spores it lets off can cause your family to become very sick. This is especially true if any of you are already suffering from allergies or lung issues. Mold and mildew actually destroy structural wood, as well, compromising the integrity of the entire building.
A roof that has damage or is otherwise faulty can allow moisture to creep inside your home leading to the growth of mold and mildew if you don’t already have them. This can destroy your attic or top floor and can even lead to a possible collapse in the future.
Termites are small insects that literally feed on wood. They can honestly destroy your home’s structure and framing by leaving it extraordinarily vulnerable.
This means that without repairs or overhauls, your family will have to suffer from the effects of the cold in the winter and the overwhelming heat in the summer. Or, you will have to purchase separate heating and air conditioning units to do their respective jobs.
Broken Septic System
Imagine spending the first year in your new home digging up the entire yard so you can adequately dispose of your family’s wastewater? If you are not connected to a sewer system, a working septic tank is crucial.
The Presence of Asbestos
Asbestos is a chemical that was once used as insulation, but it has been banned since 1978. That is because it has been proven to cause the deadly disease mesothelioma.
As you can see, buying a home that is being sold “as is” is a serious decision for a buyer to consider. If you are coming into some money in the future for repairs, or perhaps you are handy yourself, it may be worth the investment. Otherwise, it is best to pass on these prospects and seek a more stable property to buy.