One of the most common questions we get when working with buyers is about the listing statement "as-is." This is one of the most frequently misunderstood comments in the listing description. Most people assume that when an offer is given on a property advertised "as-is," that you have to have done all inspections necessary prior to the offer. This is NOT true. A good buyer's agent will make sure that the home inspection contingency is preserved.
The decrease in California home prices has created the opportunity for buyers to purchase homes they couldn't formerly afford. However, since this is not a market that is beneficial to sellers, they also would like to keep their current home and rent it out. In the past, these homeowners were able to offset the cost of the old home with the rental income and still qualify for the new homes. New guidelines are going to make this harder to do going forward.
You've made the offer and it's been accepted....now what? What are the reasons you might still want to walk away from an escrow. What to watch for and what should you be considering at this point. This article addresses these items and helps you to decide if you should continue with the home purchase.
It's rare that a purchase offer is accepted without allowing for a home inspection contingency. Just because they are advertising "As-is" does NOT mean that you are not entitled to investigate the condition of the home. If the home is a bank-owned, this investigation is especially important because they do not give you disclosures, they do not have any first hand knowledge of problems and you will have to discover them completely on your own.
Prices of county homes dropped to all time low in the last six years while a considerable rebound in the number of home sales transactions was also observed.
The median home price in Southern California falls by more than 40 percent from its peak price in 2007 as the number of foreclosed houses in the market increases.
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