What IS "AS IS " ?

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

A "natural offspring" of our niche in divorce has been working with estates for a variety of reasons....one niche can lead to another. Thereestate sale
can be some similarities in circumstances. The death can be unexpected or the estate not well prepared...prepared...but not correctly. Heirs can be more contentious than spouses...Mom liked who Best...?

   Sometimes there are not the funds or the desire...or the consensus....to repair,  replace the things that would not only make the property appear more attractive but may also well be the difference between a Buyer being able to finance a mortgage. Things like...a "lifeless roof" that cannot be insured, electrical service that is not up to code...foundation issues...and the list goes on ...and the expenses mount. In these kinds of property situations, "as is" may be the best solution. code violationsPersonal representatives have to have the understanding that this condition will not bring the same revenue as the homes on the market that are "all dressed up and ready to sell."  It is not at all accurate to compare a home being sold with this condition to others on the market that have sold...and are "move in ready".

     If the house is put on the market and offers are written with an inspection contingency as well might be the case...should the Buyer find an objectionable defect....and walk from the deal...the Estate must now reveal the known defect to all future buyers.

    Consumers need to know when selecting a real estate agent for an estate...there is far more to it than listing places for donations of furniture and having estate sales of personal property.

    We were asked to review a property the other day where the Seller had gone to Senior Housing. Cute little house but had a number of issues that would prevent the FHA financing that could likely be used by the new Buyer....the Seller had no idea...nor did the agent that had listed it above the market.

    Estates are a speciality ....a niche...and not for every real estate agent to list without the proper background.  There may be multiple solutions or ways to sell the property  ...and those questions are best asked of agents experienced with these kinds of sales. 

      If you or anyone you know has an estate property in southeastern Wisconsin that requires valuation and suggestions for possible ways to sell the property, Call 414 525 0563,  and Sally K & David L. Hanson, Broker Associates with EXP Realty will be honored to be of assistancc.

#estatesalesinrealestate#asissalesinrealestate

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


home worth iconemail iconhome searchLinked In  facebook

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Tags:
selling an estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,275,006
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally. Sometimes you have to be an adviser before you put on yout agent hat. Enjoy your day!

Sep 10, 2019 04:40 AM #1
Rainmaker
1,003,253
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

You couldn't have spelled it out for the conser or the Seller any better. We can relate too!

Sep 10, 2019 04:57 AM #2
Rainmaker
3,606,349
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally. It is about dealing with a professional and understanding there is no as is. Great post.

Sep 10, 2019 04:57 AM #3
Rainmaker
4,994,133
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Sally K. & David L. Hanson this happens all too often with estates AND other specialties.... land is another one....

Sep 10, 2019 05:03 AM #4
Rainer
520,277
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

As-is could be as little as property being in estate or the seller has no funds to make any repairs or just terrible conditions that need major repairs.  You never know this until you get a qualified third party inspector to look at them

Sep 10, 2019 05:07 AM #5
Rainmaker
770,061
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Estates can definitely be tricky.  We just got finished with a huge estate listing that was being sold "As Is" and I was afraid it would not be sold.  I have learned though after being in real estate that it just takes the "right" buyer to come along.  Hope that you have a wonderful day!

Sep 10, 2019 05:23 AM #6
Rainmaker
2,547,145
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

So often in life, one thing that we specialize in will often lead to another niche that we didn't expect.  Embracing it will usually lead to good things for us!

Sep 10, 2019 06:48 AM #7
Rainmaker
3,333,988
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Sally and David - regardless of the circumstances that may exist you understand how to approach each situation prepared with knowledge and a caring way to achieve the desired results.  That matters.  A lot.  

Sep 10, 2019 07:02 AM #8
Rainmaker
1,919,926
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally K. & David L. Hanson - lots to do with an estate.  We also painted, changed rug, and staged my mother in law's.

Sep 10, 2019 08:28 AM #9
Ambassador
3,871,044
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- so well done!  There are so many additional factors that come into play when it is an estate sale. It takes someone who has training and experience in this area to help sellers navigate this journey. 

Sep 10, 2019 10:40 AM #10
Rainmaker
3,253,133
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Thank you Kathy Streib it IS a niche...and can have far more "interesting events" than Divorce ever did !

Sep 10, 2019 10:41 AM #11
Ambassador
3,801,573
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David "as is" sounds great, but as you pointed out, depending on the repairs needed, the buyer may not be able to obtain financing on the property.  At that point "as is" stops being "as is" unless the buyer is willing to do the repairs before the closing on a property they do not own.

Sep 10, 2019 12:30 PM #12
Rainmaker
1,217,832
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Sally K. & David L. Hanson ,

I have found that “as is” means something different to all involved!

Sep 10, 2019 04:16 PM #13
Rainmaker
1,846,740
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

One of my least-favorite phrases during a home inspection is to find out things that are known to be broken come "as is."  The icemaker does not work - as is.  The oven does not work - as is.  Two canister lights in the hall don't work - as is.

It's a way to get around fixing things for sale.  Why pass along things that don't work expecting someone else to fix them? 

Do unto others as you would have them do unto you.

Sep 10, 2019 04:42 PM #14
Rainmaker
3,253,133
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

\

We well understand your conccerns Jay Markanich and yet we kow tjej imexpected to finance . happens...

 

 

Sep 10, 2019 06:04 PM #15
Ambassador
3,100,930
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I enjoyed reading your point of view and some of the comments were spot on Sally K. & David L. Hanson 

Sep 10, 2019 07:45 PM #16
Rainmaker
2,914,642
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning again Sally.

AS IS properties around here stay on the market for a long, long time.  In fact most people looking for a home won't even drive by one.  Pity, some of them does not require a lot of work

Sep 11, 2019 01:58 AM #17
Rainmaker
3,174,730
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Sally, Good explanation. We showed a condo the other day that should have been listed "AS IS", but the agent listed it as Pristine!

Sep 12, 2019 05:38 AM #18
Ambassador
1,851,123
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Estate sales are quite unique, often legally, as well as the condition of the property. Some are still filled with items, others in sad shape, it takes somebody who knows what they are doing to navigate these well. 

Sep 12, 2019 12:10 PM #19
Rainmaker
3,253,133
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Exactly right Debb Janes EcoBroker and Bernie Stea JD happy are the heirs who have inherited properties in good shape..Thank You . MOM !

Sep 12, 2019 12:15 PM #20
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
3,253,133

Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
*
*
*
*
Spam prevention