I have a home that needs and inspection to make sure its up to code but the guy says its sold "AS IS" I am unsure if a small section of the house is not up to code. I lack the construction skills to know how much it would cost to fix it in this particular area of the house.
The house is actually open and I think it has squatters in it. So I could get a contractor into the house.
To many red flags?!?
Buying "as is" shouldn't be a deal killer. A lot of homes are sold that way. It just means you need to do your due diligence ahead of time.
Yes, you should get it inspected. Yes, you should bring in contractor(s) ahead of time to get a solid handle on expected repair costs. And yes, you should make sure you feel confident about the cost of holding, selling & final sale price. You said "the house is actually open" but I would advise to always get the owners permission before entering.
To many investors it's this kind of house that they seek out. No typical owner occupant will touch it and even many investors don't want to take on homes that need more than carpet, paint & appliances. The bigger the project the more opportunity to profit on it if you do your numbers right up front.
I agree with @Bill Wallace make sure you get permission for you or your contractor to enter. Just because there may already be squatters in the house doesn't mean its open to everyone. "As Is" usually means the owner isn't willing to fix anything that you find during your due diligence. Thats not the end of the world though.
@tim hagins Bring a contractor and a gun.
I did have permission to see the home by the whole seller actually to see the property. The temperature is going to be around zero out here in MO tomorrow and squatting in this part of MO is more accepted then in other parts of Greater Kansans City area due to the higher poverty margin and Laxer laws. So will be interesting to see how this plays out.
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