Top-3 Takeaway: Buying and Selling an As-Is Property

In the “Buyer Beware” Commonwealth of Virginia, the FOCUS on NoVA Real Estate team explores what it means to purchase and sell an “as-is” condition property and what inspections should be considered. Contact the FOCUS on NoVA Real Estate team today for more information about buying and selling “as-is”.

 

Today we are talking about our Top-3 Takeaway, and our subject is “Buying and Selling an As-Is Property”. The Seller, in Virginia, can list the house “as is”, which means they don’t really want to any repairs at all before closing.

What does this mean for the buyer? They also need to remember that Virginia is an as-is state. It’s “Buyer Beware”, do your due diligence. What does do your due diligence mean? It means the buyer needs to do a home inspection and any other inspections that they wish to have.

Now does this mean the seller can out-right lie? No, if they are asked a question by the buyer, the seller must give the correct answer for what it is the buyer is asking.

So what inspections can be done? Well there is a variety for the buyer, it’s just whatever type of house they may have – condo, townhouse, or single family home – as to what they may need. They could have a roof inspection, well and septic inspection, or a home inspection on the interior of the house.

There are two types of home inspections right now. One is a full-blown home inspection where the Buyer then negotiates with the Seller what will be repaired. The other is “to void only”, which means the buyer can do the home inspection but at the end of the home inspection they have to make a decision as to whether they are going to go forward or not with the sale of the home.

It is really important for the buyer to understand these concepts and the condition of the property. The real estate agent should help them find a home inspector or other kinds of inspectors. There is a contract form, or forms, to fill out if inspections are desired. Once performed a report given by the home inspection company that will help the buyer decide how they want to move forward.

The bottom line is in Virginia it is an as-is state, buyer beware, do your home inspections.