Or, the top 5 reasons why a home does not sell.
We read an article last year about the reasons that keep Buyers away. It was a national article out of Inman News, and we thought we’d update it, and explore how it applies to our South Lake Tahoe real estate market now. A link to the Inman News article appears at the bottom of this article.
We’ll do each of the top five reasons in a separate article. This is number “four.” (click on the “read the rest of this entry” link below)
4. "AS IS" language. This is what the Inman News article has for reason number four. It is a sub-set of condition and as such we’re not sure we agree that “as-is” language necessarily is a key reason why a Buyer does not buy and/or a home does not sell.Condition, with our without as-is language is really an issue of price. It’s hard, if not unlikely, to get top dollar for a home in poor condition. But there is always a price for to sell a home regardless of condition, it’s just lower.
The Inman News article says that as-is language can raise a red-flag for a Buyer. That’s true, but here’s the kicker, and one that all good agents need to convey to their clients when representing any potential sale of a home with as-is language... there is nothing whatsoever to prevent a Buyer from asking for consideration for repairs, or anything else to improve condition... at any time whatsoever during the due diligence period before final inspection contingency is released. A Seller using as-is language is not obligated to accept such requests, though, but most of the time it is our experience that they do... if they actually want to sell their house. This is especially true in a Buyer’s market when Buyer’s are few and Sellers are nervous.
The bottom line is “as-is” language is nonbinding, and it is the agent’s job to make sure such language is disclosed, explained, understood and accepted. If so, as-is does not have to become a “red-flag.”
Here’s the prior Inman News Article.
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