When showing homes in the Santa Clarita Valley, most of the listings have contained in the “Private/confidential remarks”, the statement, “Property is being sold as is, seller will not pay for nor allow for any credit to be granted towards repairs – the home is being sold AS IS!!!”
Powerful yes? To drive a point home, all residential real estate is always sold “AS IS”, unless otherwise indicated in contract. When viewing homes, we need to take into account the type of financing our clients are using and whether the specific property will fit within their guidelines.
We have to always assume that the homes we are viewing with our clients are being sold “AS IS”. However, that does not mean we cannot ask for repairs and credits within escrow. While it may “bend” the seller, it can be asked for. In fact, you never know what you can get if it is never put in writing via a request. As dad used to say, “It cannot hurt to ask…”
Some agents will tell you to not ask. Apparently this may be too much work? Remind your agent that they are working for you and you want them to ask or you will seek representation elsewhere. That always does a great of clearing the air between the other arrogant agent and the savvy real estate buyer.
There are so many real estate terms for buyers and sellers to be aware of and one such term is “as-is”. On the surface “as-is” is simple because it means exactly what it sounds like, a home is being sold “as-is”, in the condition in which it is presented. The term can be placed in a contract by a buyer or seller and can also be part of the verbiage used in a home’s listing.
It is very important for buyers not to confuse “as-is” with there being no need for an inspection. An inspection, as well as disclosure statements from a seller, will reveal exactly what a home’s condition is. While “as-is” does not mean that a home is in terrible condition it does mean that a seller is not willing to make any repairs or contribute any money at closing toward repairs.
A seller may wish to sell a home “as-is” as a bargaining chip in a counter offer. A seller may say that he will accept the price you offered but in exchange the home will be sold “as-is” and if your inspection reveals repairs he will not be making them. Many distressed properties are sold “as-is”
“As-is” can work in favor of both buyers and sellers. While the term may have negative connotations it can also be a vehicle to get a deal done. Talk to your REALTOR today to learn more about real estate terminology.
BE safe – search well and let REMAX of Santa Clarita’s Paris911 Team know if you need any help!!!