As you are perusing listings online, you may come across stipulations on certain houses that are considered “As-Is” property. For some, this is a big enough red flag to make them run away from the home listing as fast as possible. Others would see it as a necessary point in the real estate world.
The truth is that neither is 100% accurate, hence it is very important to understand what the term “as-is” means before you decide whether it’s worth considering buying the house or not. Read on to find out more!
In real estate, the term “as-is” means that the property is being sold in its existing condition, with no responsibility whatsoever on the seller to repair the property beforehand. It is a “what you see is what you get” property sale.
Normally, if the buyer notices something wrong with the property, they can request the seller to pay for the repairs before closing the deal. The buyer’s purchase of the property is contingent on the repairs being made in advance. In this case, however, sellers don’t entertain such requests. You purchase the house in its current state.
Even if you agree to purchase the property subject to “as-is” clause, if you buy the property, but the seller did not disclose any major problems within, you could have a case against the seller even with the “as-is” clause. It is best to speak to your realtor or attorney for clarification and advice in such a situation.
There are several things a buyer, can do to protect themselves from a bad deal if they are interested in buying an “as-is” property.
Are you thinking of buying an “as-is” house in Illinois, but don’t know where to start? At Johnston Tomei Lenczycki & Godberg LLC, we have extensive experience dealing with matters regarding real estate purchases. Contact us today to schedule a free consultation and advice regarding your matter.
Phone Number: (847) 549-0600
Fax Number: (847) 589-2263
350 N. Milwaukee Ave., Ste. 202
Libertyville, IL 60048
223 N. IL. Rt. 21, Ste. 14
Gurnee, Illinois 60031
2100 Manchester Road, Suite 920
Wheaton, IL 60187