What's the deal with a house being sold "as is"?

What does this mean? Can anyone give me their opinion or the facts about houses being sold as is?

Re: What's the deal with a house being sold "as is"?

it usually means it needs a lot of TLC

Re: What's the deal with a house being sold "as is"?

whosever selling it won't fix anything basically and a lot of the time they need lots of work

Re: What's the deal with a house being sold "as is"?

In my eyes it usually means there is something wrong with the house that the seller is aware of and isnt willing to fix.

Re: What's the deal with a house being sold "as is"?

All foreclosures and short sales are sold this way

It means if you get an inspection and find an issue- the seller (bank) is not going to fix it - the case of a short sale is usually a finacial issue (not having the $ to fix)

Most likely b/c there are issues or the sellers (bank, estate) is also unaware of what is wrong with the house

Re: What's the deal with a house being sold "as is"?

we purchased a sold as is house. It was an estate sale so you will find that a lot with that type of sale. then short sales, foreclosures, etc.

As stated typically they have no clue what is wrong with the house because they don't want to be bother paying for an inspection to see what they need to fix or they know something is wrong and they don't want to deduct it from the price since its well priced as is.

We knew that it needed an electrical upgrade, needed to be updated on the inside (that you can see obviously) we had some termite damage which no matter what the seller is required to fix and they had to treat the house, and we had to deal with the CO and pay for it ourselves. So we knew that was going to be around $3,000 since they had permits on file for the conversion of the garage into a room and to upgrade the box. We factored in all the costs and still went for it because we knew with doing most of the labor ourselves and with family, fixing up the place this was well worth it for our final price. YOU need to walk in knowing what your looking at prior to inspection and start writing down what you can see is wrong, then use your inspector as for the things you can't see.

Big problems: foundation, roof, mold, smelly smelly basements, rotted wood with insect action. All those items need to be factored into your price to purchase the house.

So we purchased our 225K house, so far have put in about 20-25K and we know as of right now we could sell it for 290-300K and that is four months in. So in 10 years if we decide to sell we will gain a huge profit or we just got a great deal on our forever home.

Re: What's the deal with a house being sold "as is"?

agree with the above poster. we purchased an estate sale that was sold as is. we too were getting a bargain, even if we have to spend a few bucks. most of our updates were done because we wanted to though (except for the new windows). for some, ours would be considered move in ready. we are the ones that wanted to expose the wood floors, open the staircase, change to baseboard heaters, and re-sheetrock a few walls. i really feel you can find a deal with as is homes too. we did the inspection so we knew exactly what was wrong. personally, i'd never buy a home without it!

Re: What's the deal with a house being sold "as is"?

we bought a short sale 'as is'. The house was built in 2006 no major problems, however there was a large leak in the roof in the garage - we were responsible for the cost to repair it.