Searching for a home can take you and your family in a number of different directions. From starting your search online to touring numerous properties to inspecting a prospective home to ensure you’re getting the right deal, the whole experience can be emotional and a bit exhausting.
But, what happens when you come across a home that is being sold “as-is?” The term can scare off a number of buyers, creating an additional challenge for the sellers and a potential opportunity for resilient buyers.
What is “As-is” in Real Estate?
“As-is” means what it sounds like – the seller is posting the property in its current condition and will not be making any repairs, changes, or negotiating repairs into the final sale. What you see is what you get, but the law still shields you from any surprises. A seller cannot simply hand you the keys and not inform you about key defects or issues that could render the home uninhabitable or present a danger to you and your family.
Required Disclosures
In an as-is Florida real estate sale, the seller must inform any potential buyer about necessary or potential repairs needed for the property. This can include any structural issues, damage to the home, plumbing issues, electrical issues, insect infestations, etc.
On top of this, the seller must also disclose any external factors that could impact your ability to purchase the property. This includes any boundary disputes, claims against the title, homeowners association disputes, or other legal factors that could impact the value of the home.
Be Skeptical but Open to As-Is Real Estate Deals
Buyers need to scrutinize any home they are considering the purchase of. These will generally be the most expensive purchase you make in your lifetime, so it’s important to investigate any potential problems that will present themselves down the road.
The inspection process of an as-is home will be important to ensure the seller is not using it as an out to avoid taking care of certain expensive repairs. Because your contract will not include details for repairs, you need to get ahead of these issues and be aware of what it is you are actually agreeing to pay for.
Work with a Real Estate Attorney
Having a Florida real estate attorney on any sale or purchase is a must. In as-is purchases or sales, this becomes even more important. An experienced Florida real estate attorney can ensure the parameters of the deal are legal and sufficient for both parties.
At Schlegel Livingston, we help Florida families through life’s most important moments. Contact us if you are considering an “as-is” real estate transaction.
Schlegel Livingston LLC
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