Buying "as is" , dont I need an appraisal?

Question

i have questions about assuming a real estate loan and repo procedure. Who can I contact?

Answer 1

Certainly there are a few factors which dictate what you ask.

Is this an assumption from an owner, or mortgage holder/bank?

I suggest first a Real Estate Attorney, and know the laws and situational issues in this particular case.

You can hire an independant appraiser, perhaps even one recommended.

AS IS,,, should be thought of exactly like that. If for example the seller discloses what the AS IS issues are, and isn't bound for improvements, then I say Buyer Beware,,,or Buyer exercise caution at the very least.

Certainly if the piece has critical issues, such as degraded construction on any level, I personally might pass it up, unless I analyzed cost to fix versus value after the fact.

Rev. Steven

Answer 2

Good advice-- I agree about the home inspection. You can get a good idea of the value of the home on Zillow.com-- using the address. Or your county tax agent will have the tax record and you can figure the value from that. Check with friends about what are the expensive items that go phooey in a house-- there are some humdingers!
I bought an "as is" 30 years ago-- picked up the payments and lucked out. Your mortgage company to be- is interested in getting their money back-- they should be your friend. They also should give you an appraisal for free.
Like the other person said-- you are making a major investment-- so be careful.
good luck

Answer 3

I think an inspection is more important to the buyer than an appraisal. You only need an appraisal if the mortgage company needs one. Most of the time your real estate agent can tell a lot about how much the property is really worth.

An inspection can turn up things that need to be corrected before you buy the property.

Answer 4

The mortgage company will set up the appraisal....but word of warning, even if your buy it "As is" Still have the home inspection!!!! It doesn't cost much, and it will at least tell you the major costs of buying the house...... and most of the time, even if the sale is "as is" the seller will give in and fix some of the things. GET A HOME INSPECTION! Protect yourself.

Answer 5

You're better off getting one since you need to know what you're getting yourself into. Trust me, buying a house is a very important thing. Don't take any chances with so much money.

Answer 6

always. the mortgage co. will require one & they will set it up