What you need to know about AS-IS

Today’s real estate investing term is as-is.

‘As-is’ means you are purchasing a property exactly how it is. The owner will not pay any extra repairs or change anything on the house.

This is a pretty straight forward term, but there is a lot behind it.  Let’s say there is a car sitting in the driveway…is that included?

The basic rule of thumb is that anything attached, like drapes, appliance and special fixtures are included in the deal.  That can include buildings outside, log piles, ect.  As for a car, that all depends, but if you want it, make sure it is in the contract!

PRO TIP: ALWAYS, always, always do a complete walk-through the property BEFORE you sign on the paperwork the DAY OF the SIGNING.  You want to make sure nothing has been damaged, removed or changed because the moment you sign on the dotted line you become responsible for whatever is found on that property…good or bad!

Make sure you go to DFWTOP.com/words if you want to download 22 Real Estate Investing Terms you need to know. It’ll help you as a new real estate investor sound like a pro.