Many buyers ask what “Sold As-Is” means when looking to buy a home in Colorado Springs. Homes in Colorado Springs that are “Sold As-Is” means that the seller is not willing to make any changes or repairs to the home for the buyer.
For example, if a buyer finds a home he likes but the bathroom is not permitted and the home is clearly “Sold As-Is”, the buyer will have to make the decision to buy the home without the bathroom having a permit or move on to another home in Colorado Springs.
If homeowners are upside down on their mortgage and pursue a short sale of their home, they may choose to sell the home as-is if repairs are required and they do not have the finances to make them for the buyer. If you take a look at any bank owned properties, they are often “Sold As-Is” and make it clear that no repairs will be made and the inspection is for informational purposes only. Banks want to net as much as possible from the home sale and costly repairs can quickly add up. Many investors purchase bank owned properties since they often require some fix-up or repairs.
During your Colorado Springs home search, pay attention to the remarks on the flyer you have in your hand about the home. If it is “Sold As-Is” do not expect the seller to make any repairs that arise from the home inspection.