We’re here with our buyer and seller tips, and today we want to talk about what it means when a house is being sold “as is?”
If you’ve looked at houses for sale the past 4-5 years, you’ve likely seen “as-is” listings. This happens in our current market—known as a seller’s market—due to the shortage of homes for sale.
When you see a house listed “as is”, this basically means the seller is NOT going to do any repairs or participate in the inspection negotiation process.
It’s on the buyer’s shoulders to deal with and address needed repairs. The house might be fine, and the sellers may simply be choosing to not get involved in doing repairs or spending money. There can be many reasons a seller is choosing to sell “as is.” For example, when a family member passes away, the seller may be handling the home sale as part of an estate. That seller has never lived in the property and selling “as is” simply makes sense.
Before making an offer, we’re going over that house with you, using a fine-tooth comb to make sure there isn’t anything that stands out and might hurt you down the road. While we’re not home inspectors, we have years of experience looking at real estate and spotting problems.
We also consider factors such as what’s the home’s current condition? How old are the major systems such as roof, HVAC, windows, electrical, and plumbing? Is the foundation in good shape and free of cracks? Do we spot asbestos anywhere? What are estimated costs for repairs? Are you able to handle the repairs and updates that don’t require a contractor? How long do you plan to live there?
As a buyer, you can be assured that we’ll approach an “as is” sale the same way we handle any real estate scenario. As your realtor, we’re going to dig and uncover every available detail about the home and its condition. Then we’re going use the appropriate sales contract to help you make an offer on the house.
Remember that you, as the buyer, can still have an inspection with an “as-is” sale, but the seller isn’t going to negotiate the cost of repairs or make any repairs revealed by the inspection.
In short, you’ll need to be able to address any fixes and be comfortable with the home’s condition. If you know what you’re getting and you’re happy with it, then no problem. We have many clients who’ve gone this route and are now happy homeowners.
With Homebase STL, you’ll get a realtor who understands what “as is” means and can guide you on the right path to that forever home.
We’re here to help. If you have questions, let us know.
