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We signed an as-is contract on a home in a "hot" market. The seller accepted our bid, but requested a very large earnest money deposit and a shortened "change our minds" period (from 15 down to 10 days). We are having the home inspected during the "change our minds" period. Based on the inspection, we can reject the house during that period without losing our deposit.
But what if we find something we don't like during the final walk-through before closing? What possible leverage will we have, at that late date? If we reject the house after the walk-through, our understanding is that a) seller doesn't have to fix anything because it's as-is, and b) we will lose our earnest money deposit.
Please let me know if we are correct, or are missing something here? Thanks!
To make sure it's in the same state it was in when you signed the contract.
This^^^
Make sure that between writing offer and closing, no pipes have broken, property hasnt been vandalized, nothing that was part of the property is gone like the ac units, furnace, appliances.
Its not supposed to be a last chance to decide if you want it or not. Its to verify same condition.
This^^^
Make sure that between writing offer and closing, no pipes have broken, property hasnt been vandalized, nothing that was part of the property is gone like the ac units, furnace, appliances.
Its not supposed to be a last chance to decide if you want it or not. Its to verify same condition.
Exactly. Just because it is as is does not mean that there are not items that were included in the original offer contract. If you sign something that says the washer/dryer, fridge, stove, and dishwasher are all included and in the walkthrough they are gone, you can change your mind.
We signed an as-is contract on a home in a "hot" market. The seller accepted our bid, but requested a very large earnest money deposit and a shortened "change our minds" period (from 15 down to 10 days). We are having the home inspected during the "change our minds" period. Based on the inspection, we can reject the house during that period without losing our deposit.
But what if we find something we don't like during the final walk-through before closing? What possible leverage will we have, at that late date? If we reject the house after the walk-through, our understanding is that a) seller doesn't have to fix anything because it's as-is, and b) we will lose our earnest money deposit.
Please let me know if we are correct, or are missing something here? Thanks!
Basically to make sure that the agreement is upheld. So if the xyz is included and now it’s gone, or now there are huge gapin fist size holes in the drywall because the dude went psycho in a drinking binge or dog tore up the carpets you can sure as hell back out.
If youbuy a car and the day before you pay for it someone took a pickaxe and rearranged every body panel ....you still plan on buying that car!
I bought a fixer-upper/semi-hoarder house on an as-is basis. During the final walkthrough, my realtor noticed that the sellers had removed a bunch of junk from the basement. I was thrilled -- less stuff for me to pay someone to haul away! -- but my realtor said that was unacceptable and violated the terms of an as-is sale. She got together with my lawyer and made the seller pay me $1,000 for the stuff that was removed. Hard to argue with that.
Depending on your contract you signed it will stipulate conditions of the sale. In our local West Michigan Purchase agreement there is a "broom swept condition". It describes the condition the seller needs to hand the keys over to the buyer to. There is also a stipulation in our purchase agreement that the home will be in the same condition as the time of the acceptance of the sale. Most likely you can refer to your purchase agreement to find out any type of similarities or differences from out Local purchase agreement and the one you have inquired about.
Depends on the market. Some places you never get to see the inside of the house until it is yours. Walk in and be pleasantly surprised it has plumbing.
To make sure it's "as it was" when you agreed to buy it "as is".
to parse the wording even more exactingly.
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to parse the wording even more exactingly.
