WaPo: Buying a Property in "As-Is" Condition

• July 27th 2009

by Mark Wellborn

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The Washington Post had an interesting piece this weekend on properties that are sold in “as is” condition and what buyers should be aware of when purchasing homes in this condition.

“As is” signifies that a house or condo will be sold in its current state and the seller won’t negotiate with the buyer in regards to any repairs or credits. Essentially, the only thing that needs to work (by law) when the home is sold is the smoke detector.

Here is an example that the Post provided of an “as is” property:

“Just about everything needed repairs in Mark Mueller and Charles Martinez’s Northwest Washington house when they bought it in August to rehab it and make it their home. The four-story house in Bloomingdale had been gutted, its staircase, appliances and cabinets ripped out, leaving holes in the floor. It was sold “as is” by a developer who wanted to walk away, said Mueller, 42, who manages clinical research. The lack of things that could break worked in his favor, he thought. ‘We had the really great advantage of having it gutted, where we didn’t have anything hidden,’ he said.”

The article goes on to talk about a number of other issues to keep in mind when buying a home in “as is” condition, but the overarching theme is clear: If you are going to buy a home in this condition, be prepared to put in some work (and more money).

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/wapo_buying_a_property_in_as-is_condition/1172.