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December 4th, 2014 9:48 AM

A house listed for sale "AS IS" usually means that the seller is unable or unwilling to spend any money to make repairs or cosmetic upgrades.  Any necessary repairs or desired improvements are the responsibility of the buyer after the purchase is complete. 

However, every buyer should order a home inspection within the time frame stated in the sales contract, typically 10 to 15 days from the date signed.  It is also the right of the buyer to cancel the contract within that same time period if significant or major repair problems are found during the inspection.   A buyer can always go back to the seller and request any needed repairs be done for the normal functionality of the home.   If no agreement can be reached, the buyer can cancel with full refund of the escrow deposit. 

Signing an "as is" contract does save time and aggravation for both sides, as the expectations are clear to both parties. Negotiations can be reached in some cases, and the home is off the market for only a short period of time for the seller, if buyer chooses not to go forward.

"AS IS" on a real estate listing is merely a notice to the buyer to beware that the home may require further financial investment.

Posted in:Real Estate
Posted by Barbara Doeringer on December 4th, 2014 9:48 AMPost a Comment

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