Buying and Selling As Is
In order to sell a home as is, however, a home inspection is still required. Both parties must be aware of the damages, so that the buyer knows what he is getting into and the seller knows approximately how much he is going to lose in market value.
Purchasing a home with knowledge of its condition allows a buyer to examine his budget and decide if purchase price plus repair cost is worth it. Usually, it is- the buyer is essentially paying less because he’s willing to go through the hassle of repairs, and not necessarily because the repairs will cost a certain amount.
Also, often the defects in a home are perfectly livable; for example, if a seller refuses to put a new coat of paint on the rooms, then the house qualifies for an as is sale. The industrious buyer who doesn’t mind painting a few rooms can get his purchase price lowered for the sake of a very easy repair.
In a home being sold as is, both sides would do well to hire home inspectors, and check the house over thoroughly. Provided the seller doesn’t mind losing a little sticker price, and the buyer doesn’t mind a few costs down the road, it can be an excellent deal for both sides. One gets out with having to do any work and makes a quick sale; the other gets a bargain home.