What Does the Term “As is” Mean to You?

When you are in the market to buy a home in Hoboken, you may see the term “as is’’ in the listing for a house.  “As is’’ is a pretty general term, but basically, “as is” means you are purchasing a home in its present condition.

If you choose to purchase a home in “as is” condition, you must realize that you have purchased the home exactly the way it was at the time of your offer.

Many times banks will sell a home, especially a foreclosure or short sale,  “as is”. By doing this, the bank is eliminating any liability against themselves in regard to any problems that may occur with the home after the purchase is complete.

Since sellers realize there could be something wrong with the house, they will allow 7 -10 days for the buyer to have a home inspection and if the buyer finds something wrong during the inspection, they have the opportunity to walk away from the deal. If you do discover a problem and buy the house anyway, you will have no recourse with the seller and will have to fix any problems yourself.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

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Explore posts in the same categories: Hoboken Homes, Home Buying, Live in Hoboken

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