feeling scammed with as-is contract post-inspection
we have an accepted offer for a fl condo, it's an as-is contract which allows us to recover our deposit if the seller won't repair a defect. The home inspection uncovered that the heat pump, a $5k replacement, was near the end of expected life. Had we known, we'd have lowered our offer. Since it's working, and therefore not a defect, apparently we have no recourse.
I'm sure this was not intentional but not sure we can do anything.
thoughts?
#3 Managing Your Property Contributor
@Jeff Davidson To me if there is an 'as is' clause, it signals that there may be problems. You can either chose not to close or ask the seller for a bit of money to help with replacing it. They may not go for it, but it doesn't hurt to ask for something. I wouldn't expect to get $5K as the current system is working. No home is perfect. If the heat pump is still working, but near the end of its life; you can replace it down the road when it does break. If you chose to sell in a couple of years, you can brag about the new heat pump.
I doubt you are being scammed. For example, if my AC was reaching end of life I wouldn't know until it actually broke down. It's just out of sight out of mind.
Not quite sure how it would be a scam since it sounds like the heat pump is still working. “Near the end of expected life” is a vague opinion and I’ve never seen a disclosure form that requires a seller to predict when something is going to go out.
As for what you can do, without having read your contract this is just a guess, but perhaps you could ask the seller for a partial credit towards the purchase of a new heat pump as a compromise (will probably say no since it’s “as is” and the current one is still working but might not hurt to ask), or walk and lose your deposit (unless there’s some other contingency still in effect).
Originally posted by @Jeff Davidson:we have an accepted offer for a fl condo, it's an as-is contract which allows us to recover our deposit if the seller won't repair a defect. The home inspection uncovered that the heat pump, a $5k replacement, was near the end of expected life. Had we known, we'd have lowered our offer. Since it's working, and therefore not a defect, apparently we have no recourse.
I'm sure this was not intentional but not sure we can do anything.
thoughts?
"As is" isn't a magic word that changes anything. Of course you can still negotiate with the seller. And they, of course, can deny your requests. And if you can't come to an agreement, then the deal is off. This is how all purchase transactions work, assuming normal contingencies are in place. There is no scam going on.
"Near the end of its useful life" is a generic term for the fact that systems have an "expected life" of a certain number of years. If the boiler is determined to last 25 years and it is 22 years old, it is nearing the end of its useful life. No one hid this from you during your inspection therefore you don't really have an out. I had a water heater that was past it's useful life. It was a high end expensive unit and I was asked to replace it. I told them if I had to, they would get the cheapest Home Depot scratch and dent, or they could keep the current perfect 16 year old unit and I would credit them a "home warranty". Worked in the end for everyone.
thanks all, as I said in my op, I don't think it was intentional, it just felt "scammy". Let me think about it...