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As far as i know, in tx all licensed inspectors have that clause in the inspection report.
Some may place it in the report but the Texas promulgated (required) inspection report form does not contain this. Many Inspectors do place this in their contracts.
BTW I don't use the clause in my contract since a properly performed inspection and properly written report leaves no worries or need for it.
You can buy one as is and still get an inspection. Just put a clause that it is contingent on inspection but home is sold as is. I've bought quite a few like this.
This is still another contingency.....if I were a seller and had a true 'As Is' offer, I would take it over a 2 contingency offer.
As a GC who has done a few hundred home inspections, the main things that can bite you are in older homes (except the roof)....old cast iron sewer lines, under-powered electrical service, foundation issues, etc.....you could make sure these are ok, and take a chance...the most you would be out on the smaller things would be a few grand, maybe $10k tops...?
We have this in our "As Is" contracts: am I reading that many of you in other States do not?
PROPERTY INSPECTION; RIGHT TO CANCEL:
(a)
PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have ______ (if left blank, then 15) days after Effective Date ("Inspection Period") within which to have such inspections of the Property performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period. If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under this Contract; however, Buyer shall be responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the Property resulting from such inspections, and shall provide Seller with paid receipts for all work done on the Property (the preceding provision shall survive termination of this Contract). Unless Buyer exercises the right to terminate granted herein, Buyer accepts the physical condition of the Property and any violation of governmental, building, environmental, and safety codes, restrictions, or requirements, but subject to Seller's continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any and all repairs and improvements required by Buyer's lender
You understand right. Inspection periods seem to be a western thing. To make a truly compelling offer, a person in the west would delete the clause, or make the inspection period 0 days.
If you think all politics is local, try real estate.
You can buy one as is and still get an inspection. Just put a clause that it is contingent on inspection but home is sold as is. I've bought quite a few like this.
I don't understand this at all. This is not then putting in an offer 'As Is'. Depending on the area and the market, this might work, but it might not work in the area where OP is if it is a really hot market.
Quote:
Originally Posted by FlaLadyB
We have this in our "As Is" contracts: am I reading that many of you in other States do not?
PROPERTY INSPECTION; RIGHT TO CANCEL:
(a)
PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have ______ (if left blank, then 15) days after Effective Date ("Inspection Period") within which to have such inspections of the Property performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period. If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under this Contract; however, Buyer shall be responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the Property resulting from such inspections, and shall provide Seller with paid receipts for all work done on the Property (the preceding provision shall survive termination of this Contract). Unless Buyer exercises the right to terminate granted herein, Buyer accepts the physical condition of the Property and any violation of governmental, building, environmental, and safety codes, restrictions, or requirements, but subject to Seller's continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any and all repairs and improvements required by Buyer's lender
Maybe this would work, but again, it would be market dependent.
There are markets where even a clause like this would not be acceptable to a seller.
I moved to another metro area a few years ago with an extremely hot market. We were also in a difficult position, as this was a corporate move, we had a lot of stuff with us, plus a dog, and two school aged kids and we were moving right in the middle of the school year. We really didn't want to rent in an area and then move, partly because the corporation would only pay so much for our move and wouldn't pay for extra rental time or to move twice, and also because we were moving the kids from one area into another and once we had them re-settled in school, we didn't want to then move them again.
Anyway, some houses in some of the towns we were looking at were like nothing I'd ever seen. Houses that were nice houses, but nothing that blew me away sold very quickly. In some instances, they would go on the market on a Tuesday, and they said they'd accept offers until Noon on Wednesday. And that was it. No opportunity to come back another time. And someone would always offer to waive the inspection (i.e. buy the house as is, with no inspection contingency.) What a lot of people did was bring an inspector with them when they toured the house, and they would see what they could and give their assessment. Lots of people bought houses this way, so even though the idea sounds crazy and some people say they would never do that, it absolutely can and does happen.
Also, in one of the towns, many houses we saw that had an open house or was by appointment actually already had a contract on it, but they were still willing to show the house -- so if the first buyer demanded too much, there might still be other pending offers that the seller could use for leverage.
(We actually got "lucky" and bought a house that was sitting on the market for a while, which was very unusual. The sellers had initially overpriced the house, and it had a disproportionally small kitchen and bathroom, as well as some other cosmetic issues, but we were able to get an inspection.)
I don't understand this at all. This is not then putting in an offer 'As Is'. Depending on the area and the market, this might work, but it might not work in the area where OP is if it is a really hot market.
Maybe this would work, but again, it would be market dependent.
There are markets where even a clause like this would not be acceptable to a seller.
I moved to another metro area a few years ago with an extremely hot market. We were also in a difficult position, as this was a corporate move, we had a lot of stuff with us, plus a dog, and two school aged kids and we were moving right in the middle of the school year. We really didn't want to rent in an area and then move, partly because the corporation would only pay so much for our move and wouldn't pay for extra rental time or to move twice, and also because we were moving the kids from one area into another and once we had them re-settled in school, we didn't want to then move them again.
Anyway, some houses in some of the towns we were looking at were like nothing I'd ever seen. Houses that were nice houses, but nothing that blew me away sold very quickly. In some instances, they would go on the market on a Tuesday, and they said they'd accept offers until Noon on Wednesday. And that was it. No opportunity to come back another time. And someone would always offer to waive the inspection (i.e. buy the house as is, with no inspection contingency.) What a lot of people did was bring an inspector with them when they toured the house, and they would see what they could and give their assessment. Lots of people bought houses this way, so even though the idea sounds crazy and some people say they would never do that, it absolutely can and does happen.
Also, in one of the towns, many houses we saw that had an open house or was by appointment actually already had a contract on it, but they were still willing to show the house -- so if the first buyer demanded too much, there might still be other pending offers that the seller could use for leverage.
(We actually got "lucky" and bought a house that was sitting on the market for a while, which was very unusual. The sellers had initially overpriced the house, and it had a disproportionally small kitchen and bathroom, as well as some other cosmetic issues, but we were able to get an inspection.)
Buying it as is with a short option period, which gives the unrestricted right to terminate. Buyer gets inspection and decides either to continue with contract or terminate. Does not ask for any repairs regardless of what inspectior finds.
TREC contracts have both an as is box to check, and a section detailing the option period.
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