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Monday, April 25, 2016

Buying Your Florida Home: What Does "As Is" Really Mean?

Many times buyers wonder if they should even consider a house listed for sale "as is" - especially if it states "as is only."

If the buyer asks me I will say it depends on their circumstances and goals.

Besides, there are many many reasons sellers will have their Florida home listed for sale as an "as is " listing.  Sometimes the listing may have problems. Other times its simply the circumstances of the sale which make it more advantageous for the sellers.

But what does "as is" really mean for buyers? 

"As is" very often means there may be problems and, if there are, its now your problem, Mr and Mrs Buyer!  This is especially true with foreclosures where the listing often reads "as is, where is" and should be interpreted as you get what you pay for so beware!

Read "Foreclosure Buyers - Due Diligence is Required!"

Still, here in Florida, just because a buyer gets a house under contract as "as is" does not mean the buyer is giving up their rights and responsibility to perform due diligence.  Even with most offers there will be contingencies to protect you as a buyer

The two key contingencies, in my opinion are the property inspection contingency and the appraisal contingency.  (Cash buyers, consider an appraisal contingency as well.).   The right contingency can allow a buyer to walk away. 

Read "What To Do After Your Offer Is Accepted."

Sometimes "as is" simply means the buyer is just not wanting to make any repairs but may make some concessions.

As an agent I urge sellers who are selling a"as is" to price issues, concerns and needed repairs into the price up front.  If they don't the re-negotiation later may work against them.

Ready to buy a home in Viera, Florida?  Call or text me at 321-693-3850.

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