Seller wants as is addendum

[Anonymous]

My real estate agent is saying that this addendum doesn't mean anything. I guess my point is - if it doesn't mean anything then why are they including it? I am at the point where I am about to accept or counter their offer. Are my rights reduced with an as-is addendum?

[Anonymous]

The house I chose we did an as is addendum. It looked to be good shape and was built in 03, so I was OK with that. My appraisal and inspection came back no repairs needed, so it worked out.

It just means they won't repair anything. If you feel OK with that I don't see a reason not to accept. Just make sure there is an inspection clause so that if there is a major repair needed or one you feel that's too costly you can walk without breaching the contract.

[MsDarby]

I concur. If they aren't willing to repair, counter with a clause to state you will walk away if major repairs are needed. Either they will change the addendum or you can get your EMD back. 

[Anonymous]

Both my real estate agent and my LO stated that during my inspection period that I can still back out of the contract without losing my earnest money. Are they not correct on this?

[ezdriver]

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@Anonymous wrote:

Both my real estate agent and my LO stated that during my inspection period that I can still back out of the contract without losing my earnest money. Are they not correct on this?

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The answer to your question lies in the details of your offer/offer acceptance. Buying a home offered for sale in "as is" condition is tricky legally. You cannot back out of the deal for any reason related to the condition of the house so make sure that you have an exit strategy based on some other issue.

[StartingOver10]

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@ezdriver wrote:

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@Anonymous wrote:

Both my real estate agent and my LO stated that during my inspection period that I can still back out of the contract without losing my earnest money. Are they not correct on this?

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The answer to your question lies in the details of your offer/offer acceptance. Buying a home offered for sale in "as is" condition is tricky legally. You cannot back out of the deal for any reason related to the condition of the house so make sure that you have an exit strategy based on some other issue.

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^^^this part is right in EZ's post.  However, in the normal "as is" contract (Florida Far Bar) the buyer can cancel for any reason at buyers sole discretion (including condition) during the inspection period.  So you do have to look at your terms including the AS IS addendum to know what your specific terms and conditions are for cancelling. Don't rely on the agent just giving you a short hand verbal description. Read it yourself so you understand.