Real Estate Backstory is back with another weekly update on the latest news, changes, and trends in the Atlanta area and surrounding markets. This week, we explore the pros and cons of buying a home “as is” and the number of homes buyers are expecting to see in their search. We also dive into existing home sales data by month and the surprising news that home prices fell 3% in March, marking the biggest annual drop in over a decade. The following is a synopsis of the latest episode of “The Real Estate Backstory.” You can watch the video in its entirety below.
Buying a home is a significant investment, and it’s essential to understand the potential risks and benefits involved. One of the most popular phrases that buyers come across when searching for homes is “as is,” but what does it really mean? In this blog post, we will discuss the risks and benefits of buying homes “as is.”
Identifying Deferred Maintenance and Risks Involved
When walking through a home with your client, as a real estate agent, it’s essential to identify any deferred maintenance or potential issues. It’s crucial to be aware that on top of the loan, the client is obtaining, you may have to ask for these repairs upfront. If the property is being listed “as is,” you should be cautious and wonder why the home is being sold in that condition. Although not always the case, some sellers may be attempting to hide problems or issues.
Importance of Inspections and Disclosure Forms
If you are considering buying a home “as is,” it’s vital to get an inspection. If you choose not to, make sure your client signs a waiver to cover your assets. Georgia law states that sellers do not have to fill out a disclosure form, but they must disclose any hidden latent defects they know about. It’s crucial to be cautious and make sure you’re not taking any unnecessary risks. As an agent, it’s also essential to disclose any hidden defects you know about.
Understanding the Opportunities of Buying Homes “As Is”
Although buying a home “as is” comes with some risks, it can also provide opportunities. Many of the homes being sold “as is” are properties that are left to the survivor, and they don’t want to deal with it. While there may be some repairs needed, they may only be cosmetic. You may also be able to get a better deal on the home.
Housing Wealth Gains and the Importance of Homeownership
Homeownership is crucial to the growth of strong communities. A new study has shown that the average home in the United States bought ten years ago has appreciated by $190,000 over the last ten years. This appreciation is in addition to the payment made over the years, which can add up to significant wealth gains. It’s essential to understand the value of homeownership and its role in building strong communities.
In conclusion, buying a home “as is” comes with some risks, but it can also provide opportunities. As a buyer, it’s crucial to be cautious and aware of any potential issues or hidden defects. Getting an inspection is highly recommended, and if you choose not to, make sure your client signs a waiver to protect your assets. Homeownership is essential to building strong communities and can provide significant wealth gains over time. As real estate agents, it’s our responsibility to help our clients understand the potential risks and benefits of buying homes “as is” and guide them towards making informed decisions.