Is AS IS really AS IS? I was talking to a Realtor and she said it didn’t really mean AS IS. People have generally 10 days to repair/replace in Fl.
If you purchas AS IS and quick 7 days or less you are still required to have an inspection arent you?
Would you use the standard contract in addition to an AS IS contract?
I believe .iIt depends on the state. In Texas, the owner is still obligated to disclose everything he knows about the property and if the costs exceed 5% of the purchase price and he refuse to fix, then you still have the option to walk away. If you have an inspection clause in your contract, then again you can still walk away from it within the time allocated. If it is an REO or Gov, then chances are you will not get a disclosure and it is up to you to inspect it and decide if you want it or not.
“As Is” properties are great because the average joe will not buy it and you can get it for a good price or the owner will be stuck with it. You should make a low offer and assume you will be fixing it rather than expecting the owner to fix it. Afterall, if he had the intention of fixing it, he would have done so.
All states have laws concerning what can be “as is” and what can’t be, but each state is different so check.
In most, the owner/seller can NOT hide known facts about the place (example: bad foundation that has been “covered” by a cheap fix or prior mold problem, etc.) whether or not they are selling “as is.”
What as is really means is that "here’s the property in it’s present condition. Everything we know about it, you know. We’re selling at just like it sits, “AS IS.” If it’s broken, the buyer fixes it.’
There are also usually special exceptions to the “full disclosure” laws required of owners. Example: A bank-owned (REO) property, usually does NOT fall under the full disclosure because the lender has never personally lived in the property nor did they ‘buy’ it for financial gain.
Unless FL is different, you’re never required to have an inspection unless you, as the buyer, want one, or your lender requires one. And yes, you can still have an inspection on a property selling “as is.” It just won’t matter to the seller, because any defects found is your problem (however, if you do find something major, then the seller is required legally to disclose that fact to other potential buyers because now they KNOW).
By “standard” I’ll assume that you mean the FL REALTOR™ contracts. The contract should already be the standard contract, with “as is, where is” or something similar in the additional comments section.
Unless, that is, the property is a REO foreclosure. Most lenders have their own contracts that they use and you won’t get the property unless you use their contracts.
Hope it helps,
Raj
I appreciate the comments. Yes I ment the standard Fl FAR or FAR/BAR.