As a potential seller of some of older properties, I understand a lot of fellow speculators are skirting the pitfalls relating to getting into allowing inspections in this crazy State by offering said older properties AS IS ..... and that they "are having no problems doing this up here right now, because of the extremely hot ".

"as is" doesn't necessarily mean no inspections. I have bought a lot of "as is" properties, typically from foreclosures or inheritance situations where I have done inspections. Locally, "as is" is used to limit liability if a major issue is uncovered after the close of the sale to thwart any legal action. What the seller is basically saying is "I have no idea if things work or there a defect in the property". I have even negotiated a lower sale price based on my inspection findings in these properties.

I have made offers on several "as is" properties. I then did an inspection and walked away. On those types of properties, I expect to find a few things that need fixed. However on one in particular, I found the ac/furnace needed replaced, new hot water heater was needed and the whole thing needed replumbed (including gas lines). This put the property totally out of interest.

You can do as is just be aware that your limiting your buyer pool to investors with cash which means they want a deal.

I had purchased an old apartment building that was built in 1907. It had been neglected and in bad shape when I purchased it in a bank foreclosure. As a contractor I brought the building up to code and in Okay Shape. This was a Class "C" area.

Then after a dozen years I decided to sell it. I marketed it as an "AS-IS" sale, selling it for "LAND VALUE" for a "Developer Tear Down". The buyer was a Real Estate Broker, Contractor and Developer of small Town-Homes. He said that he wanted to buy it, move out the tenants. Tear it down and rebuild 12 to 20 luxury Town-Homes.

He did an inspection. My agent gave him and his team keys to the property. I also provided a detailed "disclosure".

Everything was fine until the day before the Transfer/Recording. He had "found" an "issue" and since it wasn't disclosed, he wanted a $25,000 discount.

I simply responded that he is free to back out of the deal at anytime, oh and loose his non-refundable deposit -- which was $20,000.

I learned this at a seminar 30 years ago, ran this add for 2 weeks in the local paper. People STILL joke with me about it.

EL DUMPO

U-Fix

999-9999

The only homes we did NOT purchase "As Is - Where Is" were 20 years ago.

All of the rentals were "As Is" which does not mean no inspections, and also does not mean no negotiation.

It is state by state - in NC, a sales contract is basically a hand shake as a buyer can walk away at any time for any reason during the Due Diligence Period and get their earnest money back. The Seller, however, is bound to the contract. It's not fair, but it is what it is.

SO we usually offer Full Price or close to with a decent size EM deposit, to secure the property.

Then during the DD if we find anything more major (like a septic issue) we go back and say, "We'll give you X instead of Y."

selling Real estate has always been and always will be just like horse trading