Realities You May Face When Buying As-Is Properties

For bargain-hunting buyers, low-priced fixers are irresistibly tempting. Often, these “bargain” listings are sold strictly “as is”. So, make sure as a buyer you keep these factors in mind when you are searching for “the one”.

  1. Expect trouble

Contractors or investors with crews on standby likely know what they’re getting into. But for newbie investors — or clients who’ve watched a few too many HGTV home renovation shows — “buyer beware” has never been more crucial.

  1. Line up property information resources in advance

To land unicorn-rare true bargains, buyers must act fast. Acting fast without solid information is the top shortcut to disaster — which you want to avoid. Have an inspector or contractor provide solid estimates on the repairs needed so you can act fast with a clearer pictures of what fixes will be required and how much they will cost.

  1. Money talks

Ideally, if you are a bargain hunting buyer you will have cash to entice sellers with a quick, almost guaranteed closing.

  1. Remember location, location, location

Yes, the neighborhood and its closeness to any top amenities are still primary factors in property selection. But other location specifics are crucial, too depending on your individual needs.

  1. Be ready to fix whatever that nasty smell is

Many of the as-is listings you visit will have a poor odor. Best case, the house smells like it’s been closed up for decades. Worst case, the odor is a mix of cigarette smoke, animal droppings and rotten food. Garbage and dung are the least of your worries in worst-case properties.

  1. Look up, down and all around

Most people notice odors right away. Then, their focus shifts to what they can see at eye-level and below. Make sure you look up. Holes in the roof rarely provide sky views. But water falling through holes in the roof visibly stains the ceiling.

Looking up outside may also suggest a to-do list for an arborist. Getting estimates for outdoor work — including essential landscaping fixes — is just as critical as obtaining cost projections for structural and system repairs for the residence.

  1. Home inspections cost a little but can save a fortune

A thorough property inspection costs money however its worthwhile completing one for peace of mind.

 

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