Thursday, July 31, 2014

When do you ask for repairs on an "As Is" contract?

What do you mean ask for repairs on an "as is" real estate purchase offer?  Doesn't "as is" mean it is the way it is - period?

NOTE:  This refers to buying a home in Florida.  Check with a local Realtor® in your state.

 "As is" simply means in its current condition.   And "as is" rarely means "perfect."

I encourage all buyers including "as is" buyers to have the appropriate inspections done.

Here in Florida it is easy to add an inspection contingency to an offer.   An inspection contingency is  sort of a "get out of jail free card" that can be exercised post-inspection.   Buyers should be cautious as too many contingencies can work against their offer being accepted when there are multiple offers.

And so while it is true  "as is" offers mean "take it as it sits" the reality is many attempt a return to the negotiation table after the home inspection. 

And many times the sellers will agree to the requests for repairs or concession.

So, when should you ask for repairs on an "as is" purchase?  If there are real issues that you were unaware of then ask after the inspection.  This is not the time to nitpick every little imperfection (see paragraph two above).

Many times the seller will address the problem or offer a credit toward repairs.  Or, they may tell the buyer "as is" means "in its current condition."

Ready to buy a house in Melbourne, Florida?  Call me at 321-693-3850 for advice on the process.