Day 17:
What does it mean to purchase a home in “as-is” condition? Are there any pitfalls to look out for?
To purchase a property as-is means that the seller is putting the property on the market in its present condition, and the buyer is accepting it in its present marketed state without repair. In Virginia, there is a separate clause and addendum for this called the as-is clause that also names the Condition, WDI, compliance with laws for smoke detectors, local and county ordinances, and associations…
You can see the potential pitfalls as a buyer here, if you were hoping to negotiate to have items repaired, or if there are items that would generally be maintained by legal county requests to have the seller make right with the county, will then flow with the property based on waving this option.
Good things, if you don’t mind wading through these things yourself, and have the ability to navigate them and have the right team in place, in a caveat emptor state, you would need to find these things out through your own due diligence anyways.
