An “as is” property is sold without a warranty as to condition, repairs, or structure and usually you’ll find these in Judicial sales and Foreclosures. The buyer with an “as is” sale is on notice that the seller makes no promises regarding the home’s physical status. And it would be extremely difficult to make a claim against a seller if something is found to be wrong with the property after closing.
Now as a first step, if you’re interested in an “as is” sale you should see if you can make the transaction contingent on a professional inspection Satisfactory to you, this way if you’re not satisfied, then the deal is dead and you can get back your deposit in full. And depending on the scenario and situation that might not be an option for you but there’s always creative ways to make sure you’re protected so if you’re considering “as is” sales make sure to head over to planwithmike.ca and let’s chat about the pros and cons with these types of properties.