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What do I need to know about buying “As Is” property?

Q. What do I need to know about buying “As Is” property?

A. An “As Is” property could be a foreclosed property, part of an estate or a house where the owner can’t afford to make repairs. Your first step is to work with a good real estate agent. The agent can set up a home inspection, which is particularly important with an “As Is.” You need to know if the place just needs carpet and paint or if mechanical systems like heating or plumbing need to be replaced. The roof’s condition is also a factor. Arrange to be present when the home inspection is made so you can talk with the inspector. Make sure the utilities are on for the inspection. If you’re still interested after the inspection results, it’s time to make an offer. Because a defect could be found after the inspection and before closing, have your agent include a statement that says you have the right to withdraw your offer and have your earnest money returned if a defect becomes evident before the closing date. Be cautious in each step of the buying process, and you could get a valuable property for a bargain price. If you have any questions, or need capable and caring representation, please call me at 801-879-9487.

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