One of the most common euphemisms in real estate lingo is the term ‘sell as is.’ It is commonly used to indicate several warning flags about a house that is for sale:
That depends on your intentions.
Do you want to perform the essential fixes and then resell, or flip, the house, for a quick profit? If so, you must get a thorough inspection before closing the sale.
If you discover after the fact that the problems are worse than you thought, the fact that the house was listed for sale ‘as is’ means you cannot retroactively get money for repairs. The seller told you the house was for sale ‘as is,’ so you are on your own. Hidden problems often translate to costly repairs, and that means you might not be able to make money on the resale.
You might find a vintage house with characteristics that outweigh the flaws that make it a ‘sale as is,’ and think that this is a great opportunity to polish a diamond in the rough for your own home.
If so, you must carefully scope out the cost of the repairs and improvements against the expected increase in value. Use the ForSaleByOwner.com pricing guide to estimate the change in home values in that neighborhood so you can see if you are likely to recoup the investment of time, money and effort reviving a house for sale ‘as is.’
Whether you are buy an ‘as is’ house for profit or as a personal project, protect yourself by getting a thorough inspection.
You can view all types of houses, including those being sold "as is" on ForSaleByOwner.com.
Selling your house by owner is easy!