When purchasing your next home – BE AWARE that “AS IS” doesn’t necessarily mean “AS IS”
Words like these can frighten a Buyer away from an ideal home. And WHY? Oftentimes this term/phrase is misunderstood – AS - IS - the intent of the Sellers wanting to SELL their property.
While a Buyers initial response to words such as these may often cause them to hesitate/slow down their Home Buying motions, working with a Professional Realtor will help everyone better understand the intent of the Seller. This clause is usually a Seller just indicating their unwillingness to make any of those irritating minor repairs, (ie.cracked windows, broken handles, torn / damaged carpeting…etc…) yet willing to take a lesser price than possibly even market value if the BUYERs will agree to accept the responsibility of making these repairs themselves.
There is NO HIDING MAJOR DEFECTS these days. As an additional SAFEGUARD – Realtors use Board Issued contracts which contain clauses/terms that will allow the Buyer the right to hire a Professional Inspector to inspect the property from top to bottom. The Buyer then has the opportunity to walk away from this purchase, if the inspection turns up issues that the Buyer may NOT be willing to address on their own. Thus they may be able to cancel the contract without the loss of ANY EARNEST MONIES. (The only money out of pocket would be the cost of the Home Inspection which averages $325.00 per 2000 +/- sq.ft.home.) Intelligently including this Clause/rider in your next offer may provide a better than average discount on the final home price – or better yet – MAY GIVE YOU THE ALL IMPORTANT EDGE when negotiating against others in a MULTIPLE CONTRACT situation, making your “AS IS” offer the MOST APPEALING to the Seller.
As a final note – ALWAYS Consult an Attorney for Legal advice, when any type of contract is involved.