So I'm not a listing agent, and I'm not sure what the motivation is to say
when listing a property, but if I was a selling agent, or a buyer, I don't think I'd pay much attention to that, unless there are major issues.
I'd really like to see some data on how many properties listed "AS IS" actually had work completed on them, in order to close. I don't imagine that it exists, but it might be interesting.
Here's two issues I see that are problematic to completing an AS IS sale without doing any repairs.
the Home Inspection;
contracts usually allow buyers to have a "satisfactory" home inspection, or they may negate the contract. To my knowledge there are no industry guidelines, as to what is or isn't considered satisfactory. It's soley the buyers discretion.
since on the average they have up to 10 days to have the inspection done, the property is off the market for that time. Based on the Inspection the buyers may decide to go forward with the property "AS IS," request ceratin repairs, or negate the contract.
But, to my knowledge and correct me if I'm wrong, they are not required to go forward even though the property was listed AS IS.
It seems as though these are contradictory provisions of the contract. Shouldn't the ability of the buyer to negate the contract be disallowed, if the contract was signed as is.
I'm a mortgage lender, so please understand where this comment is coming from.
If you make a contract subject to FHA, VA, USDA, or any type of financing, my contingency trumps your "AS IS." AS IS now means, whatever the guidelines call for, and the lender is going to impose their will.
They're not closing, without getting their way.
So, once again unless there are major issues, where we all know that essentially there will not be financing available, what is an AS IS contract? I, personally, don't think the buyer, and possibly the selling agent, pay much attention to that provision. At least I'm not seeing it.
So the contract says it's AS IS
AHUH, sure (ask for the repairs)