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As Is

michiganbuyerbewareMany times sellers, as well as realtors, will use the term “as is”. It is a term that can mean many things. It is often understood that the property will be sold without any promises as to the condition of the property and the buildings on the property.

The phrase is used routinely during this time of the mortgage crisis. In the case of a bank or a finance company being the owner of an unwanted property, they may have little or even no idea of the condition of the property. The seller simply states they are selling as is. Sometimes the repairs are merely cosmetic. Other times they may be major; such as structural deficiencies, furnace or roof in need of replacement or even inadequate septic systems.

It should mean buyer beware. It is a term that you should take notice of, but not be afraid of.

Over the years we have been involved in the purchase of properties listed “as is”. Receiving the keys we expected only the worst; leaking roofs, defective furnaces, and plumbing hassles, etc., only to be pleasantly surprised that everything works properly.

So, in the situation of an “as is” property, as you would any property, do your homework and be prepared to put a little money into making it exactly what you want it to be.

Written by Dave.