When you’re searching for DTLA lofts and condos for sale, you’ll find some listed “as-is.”
But what is an “as-is” home, and how would it impact your decision to buy?
What is an “As-Is” Home?
Real estate agents list homes “as-is” when the seller doesn’t want to make any repairs or upgrades in order to sell it. That means the condition you see is the condition you get – and sometimes, these homes need extensive repairs. On the other side of the coin, sometimes they’re in pretty decent shape – they’re just not perfectly ready for move-in.
What About Disclosures?
Like any other real estate transaction, if the seller knows the condo or loft has a specific problem, he or she has to disclose it to you before you buy.
Inspections on As-Is Homes
Your DTLA Realtor® will most likely advise you to have a home inspection, just like he would if you were buying any other property. It’s especially important with an “as-is” home, though, because you need to know exactly what you’re getting into before you commit to making such a large purchase.
If the home inspector uncovers something you just can’t live with, you can walk away from the deal with your earnest money deposit intact.
Related: Let’s talk about earnest money
What About Your Lender and an “As-Is” Home?
Lenders will most likely require a home appraisal when you buy an “as-is” condo or loft in DTLA. That’s so the lender isn’t throwing away its money on something that might make you more likely to walk away from.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale