Are you thinking of purchasing a home? It’s a great time to buy!
“As Is” = “Buyer Beware”
Know that if you are going to purchase a foreclosure or a “short sale”, you will be required to sign an “as is” addendum. That addendum may be a bank-attorney drafted “as is” paragraph in the purchase contract addendum, or it could be the Arizona Association of REALTORS(R) “as is” addendum.
Whichever, you need to give some thought to what the “as is” addendum means.
Is “as is” just a statement that the Seller is not going to pay for repairs?
No. Absolutely not.
- It’s about you taking the property in its current condition.
- It’s about you not getting any warranties.
- It’s about the Seller having to disclose all material latent defects.
- It’s about the Seller having to give you time for inspections.
- It’s about you doing inspections.
- It’s about you checking and rechecking information.
- It’s about you having to pay for repairs that are normally costs of the Seller.
Your Buyer’s agent will give you direction about city, county, state officials to contact. The HOA, homeowner association, information will be made available to you and you should talk with them and the neighbors. Be sure to ask for the “pickiest” home inspector. Yes. Without any Seller disclosure on a foreclosure, you want an inspection that addresses everything. You want an inspector who tells you the “good, bad, and the ugly.”
Arizona’s Home Inspectors are certified, but there are still A, A+, and “B” inspectors. Ask your agent for names of 3 inspectors and spend the time to interview them. Don’t be blown away by a huge binder with lots of paper, but rather look at the background of the inspector, and ask for references.
More information can be obtained about the language of the purchase contract and the “as is” addendum in a post at how2educate’s website. Click here.
The more you know about “as is”, the better your buying experience.
While you are looking for Sedona, Verde Valley, Jerome, Clarkdale, Cottononwood, Cornville, Village of Oak Creek, or Sedona Golf Resort properties for sale, you’ll give us a call. We can assist you with “as is” property conditions.
Kathy Howe Owner/Broker 928-274-4088
Sedona “as is” properties for sale include foreclosures, short sales, and traditional sales.