Q: What does "As Is Where Is" mean in a contract?
A: Great question! It means that the buyer should definitely beware!! It may simply be that
the current seller doesn't want to invest the money or time in repairs, and it may be as straightforward as holes in a wall or a leaky roof. Or, it may mean that there is termite damage or mold - things not so visible to the untrained consumer. Worse, it could mean liens or encroachments or other issues that may affect marketable title.
We're running into many "as is" issues with short sales and pre-foreclosures on the market. Often, the seller is either unaware, or unable to correct these issues prior to the sale.
As a buyer, it is critical that you complete your due diligence in advance - before you are committed in a contract. Thorough home inspections and pre-contract title searches are invaluable tools to be sure that you aren't buying more than you bargained for.
It is important to work with a REALTOR who is familiar with, and has expertise in, the home buying process. There are many things that can be done to protect your interest and work through "as is where is" on the contract. We'd be happy to connect you with an agent who can help you!
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