Updated over 13 years ago on . Most recent reply
Losing your deposit money on AS IS purchase
I know this topic is well-discussed, however I'm having some trouble understanding the whole deposit thing.
I found a good deal where the seller wants me to pay 5k deposit and 35k after attorney review with no inspection really, i.e. AS IS.
I'm sure I can make money holding this deal if nothing else. I don't want to rush but I don't want to get cold feet either. It's a promising location, and fair deal.
Is there anyway to have at least Some kind of escape in case I need to so I don't risk losing the 40k by signing the deal? What are some techniques for backing out of an AS IS deal with your deposit?
Thank you!!!
Most Popular Reply
As-is generally means the seller won't make repairs -- it doesn't necessarily mean you can't do inspections (that's up to you and the seller to negotiate). As for your deposit, whether you have any contingencies determines if that is refundable or not and for how long.
Generally speaking, "as is" doesn't mean no inspections and no contingencies, though a lot of people interpret it as such.