WaPo: Buying a Property in "As-Is" Condition
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 https://dc.urbanturf.com/articles/blog/wapo_buying_a_property_in_as-is_condition/1172.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro