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What Does “Sold As Is” Really Mean?

As you browse homes for sale in Southern Maine, you might see the phrase “sold as-is” on some property descriptions. This is most often seen on foreclosures and short sales. Before you make any decisions on whether to buy a “sold as-is” property, check out what this phrase means for most home buyers.

The Meaning of Sold As-Is

This phrase simply means that the seller will not fix up the house before selling it, so basically, what you see is what you get. The result is that even if there are problems in the home you will most likely not be able to use those as negotiation chips when trying to get a lower price.

This is in contrast to most traditional sales, where the seller will normally fix the issues found at inspections or offer to at least lower the price – before selling the house. If you are looking at a sold as-is house in Southern Maine, you should know that this means the seller will not offer a warranty on the home, either.

What This Means for You

If you are interested in a sold as-is house in Southern Maine, you need to schedule a property inspection before you buy the house. This will let you know what kind of repairs the home needs to be up to your standards. You might find out that the whole house would need to be renovated just to be livable, or maybe it only needs a few updates. Either way, you should find out this information before you buy the house if you want to be able to budget your time and money wisely.

Be sure to hire an impartial, professional property inspector to look closely at the house. This way, you will get the unbiased opinion of someone who has no stake in the sale, but has the tools and experience necessary to find even the smallest issues in the home. Just keep in mind that some problems won’t become obvious until you move in, so you might need additional repairs in the future. But at least a property inspector will find the majority of the home’s issues before you commit to buying it.

Should You Buy a Sold As-Is Property?

Just because a house might need repairs does not mean you shouldn’t consider purchasing it. You just need to think about a few factors. For example, if the house has exactly what you need – such as the square footage and location you want for an affordable price – it makes sense to at least give it a chance by having an inspection done. You might find that it only needs a little work, and if it’s going for a great price, it could be worth your time. This is especially the case if you’re handy enough to do a lot of the repairs yourself.

On the other hand, if the house turns out to need serious renovations and you don’t have the budget or time for such a project, it may be best to move on. Fortunately, there are lots of homes in Southern Maine that are worth a look. Contact me today to find out more about them.