What does "as-is" really mean in real estate?

    "As-is" seems to be a very maligned term in real estate these days.  A quick search for homes in Waldorf and Charles County shows a slew of properties being sold "as-is".  On the surface, the concept is simple; the owner is not making any claims regarding the condition of the property.

    In reality, it's a bit more complex than that.  It seems that everybody wants a home that needs little to no work, and often those "as-is" properties seem to need something, but the seller isn't interested in addressing those concerns.

Am I Allowed To Get an Inspection?

    Rule #5 of buying a home:  ALWAYS GET AN INSPECTION! "As-is" does not necessarily mean the house is in terrible shape, nor does it mean you cannot have the house inspected.  Think of it this way: 

What would happen if you bought a home "as-is", without inspection, and found out later all of the wiring was shoddy and the plumbing leaked throughout?  Now your walls, ceilings, and carpets are ruined because of the water damage and the house is a 3-alarm fire waiting to happen because of bad wiring.

    In Southern Maryland, you have the RIGHT to get a home inspected.  In fact, if you choose not to inspect, you should be required to sign a waiver stating that you had the option, and decided against hiring an inspector.  Why?  Because your agent needs to cover their you-know-what!

Will The Seller Make Repairs?

    Here's a tricky situation, particularly in regards to foreclosures.  The short answer is: NO.   The more complicated response is that IF the situation is right, you might be able to get some work done by the bank, or perhaps get an escrow credit to pay for the work. 

    There are a lot of determining factors involved in getting that done, and you need to have a Realtor working on your side, representing your interests, who has experience in negotiating with bank owned properties.

How Do I Avoid Buying A Basketcase?

    First and foremost, make sure you have your own representation!  This means that your Realtor is working for YOU, not the owner!  You should have experts on your side who have seen the pitfalls and know exactly what to avoid and when they are looking at a great opportunity.  As a matter of fact, I happen to know a really great team of people.... (wink, wink :-) )

    In all seriousness, it's my opinion that ANYTHING is negotiable, even if the official line states "as-is"!  The  other key thing to bear in mind is that you should have the right to a home inspection, and by all means, make full use of your rights!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com