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Very risky. Yes you’ll have less maintenance on your unit vs a SFH. But you will still be liable for special assessments to the HOA for the building. I would get all the HOA condo docs you can, all the minutes, financials.
If it seems like the building hasn’t been maintained well an there are no reserves (or at least no explanation for why no reserves) then for a 100+ year old building I’d say it’s too risky. Do you have sufficient funds to cover large special assessments after closing if needed?
Agree with what others have said. A neighbor of mine bought as is in a well-kept building but unit itself wasnt, although most was evident during the tour. They ended up buying as is but spending quite a bit after fixing those things, but had the financial means to do so and planned that way!
I’m a recent 1st time home buyer who recently purchased a condo “as-is” (2012 build). I did this on the advice of my agent, as we had lost a couple of competitive offer scenarios, and the agent told me that only as is offers are being taken seriously. I highly regret doing so, as there are so many small issues that will not come up on an inspection. I would recommend being there on the day of the inspection, and double checking expensive items in the inspectors report
We have our inspection tomorrow and I plan to be there. What sort of “small issues” came up that you wish you had gotten credits for, if I may ask?
Our agent is saying there is usually less maintenance and work needed for a condo as opposed to say a SFH or larger multi-unit
This is true but it can vary if the condo is not well kept.
But in general, yeah you have less things to maintain in a condo compared to a home (given that the things like the roof are usually shared amongst the units).
You can back out for sure if you find things in the inspection which are poor yes.
I think you really have to judge by quality of the building and how much care the current owners have given it. If it’s built within the last 5-10 years and common areas (stairwells, garage, outside) look almost brand new, I would have less reservations. Anything more than that (like in your case) I don’t think it’s worth being rushed. I would use other avenues like automatic bid escalations, more earnest money, more flexible close date, etc to try and entice the seller. People also talk a big game about putting in offers but many of them still fall through, especially outside of Lincoln Park and maybe Lakeview. Generally speaking, I would not opt for as-is, especially with a building that old. You should also ask about warranties and insurance. Make sure your realtor isn’t just rushing for a sale for their own commission
Alternatively, you could purchase new construction in an up-and-coming area (maybe trading off sqft, slightly worse location, etc) which should be no bidding process. But you need to do developer diligence
I would have less reservations in a condo vs sfh. But I’d be more concerned if it was on 5-10 years old. Most condos are cheap and some build with really shitty material. The 50+ year olds have issues like having to do more work if in tear downs but less structural issues.
I had a very similar situation this year on a 100+ year old unit. Offered “as is” with ability to do our own inspection, but no ability to request the seller make repairs. Ensure the seller and agent are honest.
If your offer is selected, you effectively pay $500 for a home inspection with the option to back out post-inspection report. It’s a $500 call option. Read the inspection report thoroughly and consider asking the inspector for a referral for quoting repairs.
In my experience, it was not problematic to waive inspection.
You can but don’t waive inspection. There could be things found in the inspection that would make you not want to commit. You can also be more attractive in an offer by offering a larger earnest money amount and splitting realtor fees with seller.
Going through this in the western burbs on a 1940s cape cod style home. Still can’t believe my offer won over 8 other offers 😊 It’s been very well kept but owner selling it as is. Inspection came back with no glaring items but items to be fixed over time. Budgeting $10-15k for updates in the initial 6-12 months.
Rising Star
Get a very good inspection done. If the inspection is clear, you should be ok. If there are concerns, you can always get a homeowners warranty and make repairs that way.