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Homes sold “As Is” in Colorado Springs….what does it mean?
“As Is” – what does it mean
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While looking through some homes recently with a buyer, we came across a home that said “As Is”. Whatever does that mean, asked my buyer. I explained that it means the seller is unwilling or unable to make any kind of repairs to the property to meet the needs of the buyer. This is actually done for a variety of reasons.
#1-The homeowner is trying to do a “short sale” where they are trying to prevent foreclosure. If this is the case, the sellers may not have the finances to do any required repairs.
#2-The owner is a bank (REO) owned property that has already gone through the foreclosure process, which in Colorado means its already gone to public trustee sale. Quite a few of these properties need costly repairs and the bank is unwilling to do the repairs to ensure that they can net as much as possible from the sale. Inspections are still a right, but they are for informational purposes only, so the potential buyer can determine if they want to invest in these costly repairs along with the price of the property. These are good buys for investors as usually VA or FHA will not allow their buyers to purchase a property needing major repairs.
#3-The seller knows that the basement or some other addition was never permitted by the county and they are unwilling to have it done at this date. If this is the case, you can move on or if you really want the property, be willing to pay for the inspection yourself or agree to take it without the inspection; be careful with this, as when you go to sell, you may have the same problem and if its not up to current code, you’ll either have to upgrade the area, tear the whole thing out or you, too, will need to sell it “As Is”, which means that some potential buyers will not even look at your property.
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If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
