If you dream big when it comes to your future home, make sure you know these answers to get the best loan rate (and deal) possible.Make sure you understand your financing options before you take the
As Is Sale
The “as-is” sale
If you’re an investor looking to flip a house for a profit, buying property “as is” might be the ideal situation. However, if you’re looking for a place to permanently hang your hat, be sure to weigh all the factors before agreeing to a no-conditions sale.
A no-conditions sale means you’re buying the house as it is, and can’t hold the seller financially accountable for any problems or issues. Your budget should allow for any updates or repairs needed.
Experienced buyers often do not feel the need to do a home inspection, and a cash buyer can waive the financing contingency. In a competitive offer situation, a no-contingency offer can make an offer more appealing, as long as the buyer fully understands the ramifications.
Cash buyers can waive inspections and repairs, but if you need financing in order to buy the house, your bank may require certain repairs be completed or a rehab loan be used.
If that appraisal comes back low or requiring repairs, the buyer may not be able to get the loan so the deal falls apart without a rehab loan. It is possible the buyer can lose their deposit if the deal falls apart.
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