There are a lot of properties on the market at present that are being sold “as is.” These homes range from bank-owned stock to HUD home and, in some cases, privately owned homes that are run down. While these homes are generally very cheap when compared to other homes in those areas, that word ‘cheap’ does come with some provisos. Before settling on these homes, its often a good idea to have a home inspection undertaken even though you cannot gain the same benefits that come with a home inspection contingency in normal sales.
You may wonder why, if there are no benefits, you should have a home inspection undertaken. New homes don’t create many problems, however, homes that were constructed prior to the late ’70s and early ’80s may have hidden problems that could be costly to repair. These problems include asbestos and lead-based paints, problems that no one wants to face once they walk into a newly purchased home. In some cases, you can back out of a house sale if these problems are present. If you cannot, and you have only placed the barest minimum deposit, it could be worth walking away from the deposit when you compare that to the loss to costs involved with removing asbestos or lead paint.
Homes that are sold ‘as is’ can be real lotteries when it comes to hidden issues. A pre-settlement home inspection will help you identify any problems you may face once you move in, and while those problems may not give you reason to cancel the sale, it’s still good to be aware of them during settlement. A home inspection means there will be no surprises waiting for you – in fact, you may be able to deal with some issues before you even move in – far better than trying to deal with them once you have moved in.
For more help on your home purchases or invests contact me today!
Al Grant Realty Group – Re/Max Allegiance
Office Phone: 202-580-6607 – Cell Phone: 202-256-8592
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