Bargain or Bust: Buying a House As-Is

By Marcie Geffner -

Legally speaking, buying a house as-is encompasses more than the seller's reluctance to make repairs. It also releases the seller from responsibility or liability for the home's condition. The buyer gets the property with no guarantee that it's free from minor or major problems, says Joanne Fanizza, a real estate attorney in Farmingdale, N.Y.

"What you see is what you get," she says. "The question then is: What do you see?"

Houses are sold as-is for a reason. Consequently, there's all the more need for the buyer to obtain a professional property inspection, says David Tamny, owner of Professional Property Inspection in Columbus, Ohio.

Read on: Bargain or bust? Buying a house as-is