When you buy a home, inspections can help ensure that you’re not purchasing a property with hidden problems. But in some cases, a house won’t come with these guarantees. Instead, they’ll be sold “as-is.” While this type of real estate can be available for much lower than the average market price, they can carry serious issues. If you’re considering this type of purchase, here are a few things to know before signing.

What Is an As-Is Property?

Listing a home as-is means that the owner is selling the property in its current state. When it comes to negotiating the deal, the seller won’t be fixing any issues with the home, nor will they provide credits to help buyers recoup the necessary repairs. Any issues discovered after the transaction remain the buyer’s responsibility and cannot serve as a means for a lawsuit.

The type of issues affecting the home can vary. In some cases, the seller may not have enough resources or interest in restoring the property—such as when a bank forecloses a home or a relative inherits it. In others, the problems may be so severe that making repairs would be of no financial interest to the seller.

Some potential issues of an as-is home may be limited to a specific component of the house, like a defective septic system or a leaking roof. Others may be more widespread, such as structural instability, termite infestations, or extensive mold growth.

How Can Buyers Protect Themselves?

Knowing as much about the property as possible is the best way to inform your decision on an as-is house. To start, you’ll want to hire an experienced real estate agent who can guide you through the buying process and interpret the seller’s disclosures—a required statement listing all known issues affecting the property.

Researching the title, deed, and land records are also encouraged to find issues that may impact your ability to sell later—such as unknown liens and boundary disputes. A real estate attorney can help define these issues and take legal steps to correct them.

You’ll also want to hire an independent home inspector to thoroughly assess the property and identify all issues that would leave you with more financial liability.

Before you buy as-is property in Orange County, consult with John E. Bach Attorney at Law. Familiar with the complex aspects of real estate law, this Goshen, NY, attorney will review the details of the opportunity and clearly explain potential issues so you can be fully aware of the risks. Bach can also help with the deal itself by drafting contracts that protect your interest as a buyer or alleviating title search issues. Go online to learn more about his extensive history of assisting clients or call (845) 294-7941 to schedule a consultation.