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AS IS - What's it mean?

With foreclosures and other 'distressed' sales abounding these days you see a lot of listings with two little bitty words: AS IS

So what does AS IS mean, Jules?

It means that the seller doesn't want to hear you (or actually me, your agent) whine about all the little things that are wrong with the place. It means that they have no intention of fixing anything. It means that you know you're buying this house, warts and all, and you aren't going to come back to the seller after the fact and say that it's their fault you didn't know about the warts. It means buyer be wary.

Well then, what doesn't AS IS mean?

It doesn't mean that there's something horrifying lurking behind the drywall (although there could be). It doesn't mean that you have to go through with the transaction if you find Jimmy Hoffa's body in the basement structural or mechanical problems with the house - you can still ask for and in almost all cases will be granted an inspection contingency. It doesn't mean that this is a bad house. So if you find that your dream home is for sale as is, don't be scared but do be aware.

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Posted by Julia Odom, Chattanooga Real Estate on 10/10/2009 04:44 PM

Comments (6)

"As IS" in the Home Buying Channel

foreclosure, as is, buyers agent

Originally posted at: Chattanooga Real Estate: AS IS - What's it mean?

Post is included in group: Historic Homes
Post is included in group: Chattanooga Real Estate

6 Comments on AS IS - What's it mean?

OCT

Good info--- as is-- can mean alot of different things!

Julia - Great post and such an important message to today's buyers. I try and tell all my clients once they're approved and getting ready to start their search "KEEP AN OPEN MIND" and, of course, "BUYER BEWARE". Can I re-blog this?

Hey Julie -- GREAT blog. You're sure telling it AS it IS!!

;-)

I agree completely - as is is an objective term LOL As is usually means I will ask for more just by principle:)

OCT

Hi Julia ~ Yes, buyers are often perturbed when they see "as is" and assume there must be something horribly wrong with the property. Not necessarily so. It is often a case of the seller just covering himself from a laundry list of minor repairs that he doesn't want to pay for.

"As is" does not mean that buyers don't get to do an inspection. They do - And they should make sure the inspector does a thorough job so they know exactly what kind of repairs they can expect. If they don't like what the inspector comes up with they walk...If what he comes up with is acceptable to them, then they continue with the transaction. Like you said, "as is" means they should be wary, not scared.

Denise

OCT

I love this post, I spend so much time counseling buyers at the instpection that As-Is is As-is, if there is something large there, you can of course get out, but it doesn't mean an inspection is simply a tool to renegotiate, especially on items seen when the offer was made. What do people think sometimes?

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