What does it mean?
Selling a home “as is” means that the owner is selling the home in its current condition. The owner is not obligated to repair or fix any faults or issues associated with the home. Furthermore, the owner is not required to give the purchaser any credits that would go toward repairs or improvements. The owner and agent representing the owner are still required to be honest about existing problems with the home.
Why would one want to sell a home as is?
For most owners, selling a home “as is” is done primarily due to financial limitations. If there is extensive damage to the home, damage that the owners cannot afford to repair, selling the home “as is” may be their best option. Alternatively, some owners may be in a specific situation where they cannot accommodate a drawn out sales process. Whether due to health, location, finances, moving, or something else entirely, some owners may need to sell as quickly as possible. If any of the above situations pertain to you, talk with Mattias. Mattias may be able to come up with some creative alternatives that would prevent you from having to sell your home “as is;” or, if you do decide to sell “as is,” Mattias can give valuable insight into that process.
Why would one not want to sell a home as is? What are the disadvantages?
Many buyers perceive “as is” homes negatively. Some may feel that there are extensive damages or looming repairs that will be either incredibly expensive, or unfixable. This may make the buyer distrustful of the seller. Another thing buyers may perceive is that the seller is desperate financially. This gives the buyer a lot of power, and the buyer may try to negotiate unfairly or lowball the owner. Because there is so much associated negativity with “as is” homes, “as is” sellers generally receive less offers, and are often fighting an uphill battle when marketing their home.
Other things to note with “as is” sales
While some sellers may initially list their property “as is,” many choose to disclose that they are selling “as is” after an offer is received but before an inspection has taken place. Sellers do this largely because a round of negotiation often takes place after the inspection due to what is found. This makes it incredibly important to have a home inspection contingency in the contract.
If you have further questions or concerns regarding “as is” sales contact Mattias.