Seller request???? advice please

[Jeff Ford]

Hey BP,

I was hoping to get some advice. Seller and I agreed to a price. I sent over the "Contract for Sale and Purchase of Real Estate" agreement for the Seller to look over. Seller agreed with pretty much everything, but wanted me to add a clause saying that the property is being purchased "As is". Is this something that I should add? Will this effect anything?

Keep in mind I talk to the neighbors and found out he is a slumlord and had tenants living in not so good conditions. And they told me of other issues with the property that of course Mr seller didn't disclose during walk thru. Its ok I still have it at good price (50% of Arv).. He is selling off some of his properties rt now to deal with less headaches, he says.

What should I do?

[Rhondalette W.]

Originally posted by @Jeff Ford:

Hey BP,

I was hoping to get some advice. Seller and I agreed to a price. I sent over the "Contract for Sale and Purchase of Real Estate" agreement for the Seller to look over. Seller agreed with pretty much everything, but wanted me to add a clause saying that the property is being purchased "As is". Is this something that I should add? Will this effect anything?

Keep in mind I talk to the neighbors and found out he is a slumlord and had tenants living in not so good conditions. And they told me of other issues with the property that of course Mr seller didn't disclose during walk thru. Its ok I still have it at good price (50% of Arv).. He is selling off some of his properties rt now to deal with less headaches, he says.

What should I do?

When the seller says it is being sold "AS IS" I believe he means he is selling to you in its current condition and he will not be responsible for any repairs. You can add an AS IS clause and request time for an inspection 7 or 10 days and terminate sale based on inspection report.