As-Is with The Right To Inspect | Bonita Springs Real Estate
Sometimes homes in Bonita Springs are sold "As-Is". What is an "As-Is" sale? Well, it's kind of what it sounds like. Typically the purchase offer is written on an "As-Is" language specific contract which also gives the buyer the right to have the home or condo properly inspected so the buyer knows if there are any defects. They are buying the property with the understanding that they are accepting the home as it is, without the seller providing any warranty or guarantee to fix or repair faulty items.
In some instances homes or condos are sold "As-Is" because the seller isn't able or willing to provide repairs. The reasons can vary.
- The seller may not live in the area and is unable to perform the repairs.
- The property price was negotiated taking into consideration the estimated cost of known defects.
- The seller may have passed away and the property is part of an estate liquidation.
- The property is bank owned.
- The seller has sold to get out and not financially able to afford repairs.
- The property is sold at a tremendous discount and the seller doesn't want further expense associated with the close.
- The home is purchased at a real estate auction.
Most Bonita Springs real estate is sold with a seller's disclosure document. The seller's disclosure is a few pages of questions and answers about the condition of the home. The seller usually provides the document to the buyer no matter if the home is being sold with warranty or not. A buyer or a buyer's agent is welcome to ask the seller to provide one if it is not readily available, also.
If a buyer goes into an "As-Is" purchase and sale with their eyes wide open and they perform their due diligence and inspections there isn't really an issue. Home inspections in the Bonita Springs area can run from just a few hundred dollars and vary in price depending upon the size and age of the home or condo. Common defects that are typically found are usually minor; such as dripping faucets, frozen GFCI outlets, loose handles and burned out light bulbs. If there is a larger issue the contract usually provides for a contingency that the "home inspection is acceptable to the buyer". The buyer can then determine whether or not they would like to move forward with their purchase. Some buyers may even request that code violations be remedied at the seller's expense prior to closing.
If you'd like to learn more about purchasing or selling Bonita Springs real estate on an "As-Is" contract, contact your real estate agent to review a Florida FAR-BAR contract.