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What Does 'As-Is' Really Mean- when buying a house



Before you think about buying a home “as-is” in this hot sellers market, make sure you fully understand the pros and the cons. 
Today I talking about what you need to know when making an offer on home being sold as-is.. It’s not all what you think is means.
 
Sellers list their homes for sale as-is when they don’t want to do any repairs before closing.  
“As-is” sellers still need to meet the minimum disclosure standards, which include telling you about things like lead paint for example. 

“As-is” doesn’t always mean broken beyond repair.

There are many reasons why a seller might list a home as-is even with minor or no issues. 
The seller may not have any money for repairs.  
There are also plenty of non-repair-related reasons why a seller might list a home as-is. 
Time may be issue. Especially if there’s been a divorce or maybe the heirs of the deceased owner is having the sell the home from out of state. 
So we don’t want to assume the home is being sold ‘as-is’ because of it’s condition. 

Here are  2 important  points to consider when buying a home ‘as-is’: 

Minimum Property Requirements 

If you are financing your purchase, depending on what type of financing you’re doing will have an impact. 
Your lender will order a formal appraisal of the home. This is not your home inspection. We’ll talk about that in a sec. 
Most loan types require the home to meet minimum property requirements.  
Let take a look at some common loan types and what these minimum property requirements are: 
FHA – If you’ve been approved for an FHA loan, The home must be safe for you and your family to occupy at the time of purchase.  
 In other words, it must not have any physical deficiencies or conditions that compromise its structural integrity. Most homes that need total renovations won’t qualify for an FHA loan. 
USDA – This loan type is popular with first time home buyers because it has a zero down payment. However, the property must be located in a rural area , along with income qualifiers.  
Here are few of the minimum property requirements 
A structurally sound foundation 
A roof that prevents moisture from entering the home 
An up-to-date electrical system 
Well-functioning heating and cooling systems 
Suitable plumbing and water pressure 
VA - VA loans are a benefit of service for veterans and active-duty military members. Because these loans are government backed, they have stricter property requirements that must include: 
Clean drinking water 
A working water heater and sewage system 
A heating system capable of warming the home to 50 degrees 
All mechanical systems must be in working order 
The roof must be in good condition 
The home must be free of pests 

2. Home Inspections Are A Must For “As-Is” Sales 

When buying a home ‘as-is’, you’ll definitely want to get a home inspection.  
A home inspection is different from an appraisal and is typically not a required part of the mortgage process. 
 Inspectors are there to look for major issues. Appraisers are there to assess the value of the property. Your mortgage lender will probably require an appraisal, but the home inspection will be an optional part of the buying transaction.
 
If a seller refuses to allow a home inspection for an as-is property, it probably means one of two things: 
The seller knows there’s something seriously wrong with the home and they’re hiding it from you. 
The seller has a hunch that there’s something wrong with the home, and they don’t want to confirm something that lowers their property value.
 
If a seller refuses to allow a home inspection, that should raise a huge red flag for you. Run from this home ...Fast! 

So what happens if your home inspection turns up a major repair item and you’ve entered into an ‘as-is’ purchase contract?
 
You can as the seller to fix the issue. Although they are under no obligation to do so, it may be in their best interest to fix any major problems. Now that they know of the problems, they will have to disclose  it to the next buyer, so why not deal with it now.  
Plus, and depending on what type of financing was agreed to, the appraiser may note these issues on the appraisal.. An appraisal will follow the property for up to 60 days in some situations. When the seller knows this, they may be more apt to repair the issues to keep the transaction moving forward. 

You can elect to fix these things after closing. Just make sure the items needing repair does not interfere with your loan requirements.
 
If neither of these options can be agreed upon, you can cancel your purchase contract within your inspection period. You will also get a refund of your earnest money deposit, but not the cost of the home inspection.

But Before jumping ship over repair items found during your home inspection, you may consider purchasing a home warranty.  
If you buy an “as-is” home that doesn’t need a complete overhaul, you can protect the working appliances in the home with a home warranty policy. Home warranty policies cover your home’s appliances and systems. 
Home warranty policies can be a smart idea for homeowners who buy “as-is” homes, especially if the home is older. 

So if you are buying a Home “As-Is” with the right to inspect, ask yourself a few questions: 

Do I have money to make repairs? 
Am I prepared to deal with structural or system damage? 
Do I have money for an inspection? 
Do I have a trusted real estate agent who has experience with “as-is” sales? 
If you answered yes to all of these questions, buying a home ‘as-is’ may be right for you! 

If you think an “as-is” home might be right for you, knowledge is power.  
Hire a licensed home inspector and know what you’re buying. With a great real estate agent, inspector and even a home warranty on your team, an “as-is” home could be the home of your dreams. 
 
As added bonus for watching today, please enjoy my New Buyers Guide. In it, you’ll find everything you need to know when purchasing a home and some awesome money saving tips!  
 
Until then, I’ll see you on the next one. 
 

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What my clients are saying  

My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Kim Manske

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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