Should I Buy A House In “As Is” Condition?
Question: We’re considering the purchase of a home on an “as is– basis. We understand that we should get a home inspection and other checks before we buy. However, isn’t the seller also supposed to tell us about any problems?
Answer: Both “as is– and seller disclosure rules vary by state. In the general case you’re right to make the purchase dependent on a home inspection and other checks “satisfactory– to you.
Owners are required to provide seller disclosure statements in virtually all jurisdictions. Even in the case of an “as is– sale, a seller should still explain the problems with the home.
The catch is that the seller may not know what’s a problem and what isn’t. There’s also debate regarding what is big enough to warrant disclosure and what’s so minor it should be ignored. Because no home is perfect, everyone does best when sellers fully explain a home and its quirks and buyers bring in independent inspectors.
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Syndicated originally by Content That Works and posted with permission.
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