Does AS-IS mean NO repairs?

By
Real Estate Broker/Owner with Venture Home Realty BK3230129

This comes up a lot these days, since most of the contracts in my area are worded AS-IS.  Issues arise from VA/FHA, insurance and home inspections.  The buyer is left wondering if the seller will make the repairs even though it is an AS-IS contract.

Often, if the seller is a REO (Bank owned) property - we have been successful to get the bank to make the repairs to get everyone to closing. I usually encourage the buyer to ask for the repairs in this case.

With short sales, the fact is the seller usually has no funds available to them to have the repairs done.  When this happens, what are our choices?  Does the buyer have to pay a contractor to have these done, if needed prior to closing, and will the seller even agree?

Traditional sales (non-short sale or REO's) I figure a buyer can only ask.  A good Realtor will be able to sell the fact that this will be an issue with any buyer and it's a now or later choice.  I find that most sellers want to sell, and if they can afford to "make it right" than they will. 

Rarely I have sellers not willing to help in one way or another... hey it doesn't hurt to ask, right?

Posted by

Sheryl Lynn Webster
BROKER / REALTOR®

Office: 1-866-473-3476 x703
Fax: 1-866-476-0012
Tampa Bay: 727-386-8066
Orlando: 407-293-0238

sheryllynnwebster@gmail.com

Comments (2)

Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

This is a great post, thank you for sharing this with us!

Aug 19, 2010 04:40 AM
BROKER: Sheryl Lynn Webster
Venture Home Realty - Auburndale, FL
(407) 293-0238

Thanks Jeremy...

Aug 19, 2010 12:50 PM