“As-is.”
No two words in the real estate world conjure up as much fear, hatred, confusion, suspicion, consternation, greed, distrust, temptation, depravity, cynicism, and wickedness. Oh yeah, and panic of course.
There are two instances when you primarily see these two itsy bitsy words:
1) in a listing of a home where the copy indicates the residence is sold “as-is”; and 2) In a buyer’s offer where the buyer is either (a) in a competitive situation and wants to strengthen their bid, or (b) getting such an incredible deal on the property.
In the first instance, the seller is broadcasting that they will not be amenable to credits or an obligation to fix a damn thing: not a GFCI outlet, not a faulty furnace, not a leaky roof, not a malfunctioning Miele CVA 7845 Built‑In Coffee Machine, not a flailing flush handle on a toilet, not a cracked foundation, and especially not humidifiers which never work anyways.
Nada.
Navigating a deal when the seller is selling as-is can be tricky, requiring the finesse and guidance of…The Brad Lippitz Group, of course. Can the buyer still do an inspection? What happens if something is discovered during the inspection which is outside the reasonable expectations of the condition of the property? How does this factor into price? All good questions, grasshopper!
We are here to help.
In the next instance, the buyer is proactively making their offer as-is with the intent of swaying the seller to either go with them over competing offers; or, as mentioned above, their offer is a crazy lowball with no competition. How much weight should the seller put in an as-is offer, if any? Can the buyer still back out? If the buyer can back out, can they do it if the inspection reveals crappy stuff? How crappy must the stuff be? Will the seller have the opportunity to offer something to save the deal if there is an out for the buyer?
Again, grasshopper, all good questions. No doubt you will be in good hands under the tutelage of the Brad Lippitz Group.
Our experience and savvy will serve you well if and when it comes time to buy or sell a property as-is. No need to panic.
Have a great weekend!
Best,
Brad
