'As Is' Is An Option

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

There are times when the seller chooses to sell  "As Is" for many reasons.

 

Because of age, health, convenience, or finances, the homeowner may choose to sell their home 'as is' without making any repairs or updates. In a strong market, this may be the way for a buyer to get into a home, knowing they will be using a bit of sweat equity to make it work.  We may be market with words like.."price reflects the "as is" condition." 

 

Below is a section of the Maryland "AS IS ADDENDUM."

 

Maryland "as is addendum"

 

 

AS IS

 

 

There are two options that the buyer and seller have to agree on.

The first is clear black and white...buying without inspections taking the house with no repairs. No refund of EMD if they "change" their minds.

 

The second is buying with inspections and having the option to withdraw for any reason within a specified time,  usually a week to ten days from contract acceptance. Should they decide not to move forward, they get the earnest money deposit returned. 

 

 

Selling "As Is" is an option.

Any questions about selling an "As Is" home

Call Margaret Rome

Selling "As Is" is an option.

 

 

Margaret Rome

 

Comments (11)

James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Margaret.

I see a lot of offers coming in with the home being sold "as is".  Usually, the offer is higher than the list price.

Apr 15, 2021 01:25 AM
Margaret Rome Baltimore 410-530-2400

Good to see you, James. Hope you are having a good week.

Apr 15, 2021 08:20 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Margaret. "As is" can work or be a mistake. The choice is for the seller to make but the advice and knowledge of a professional agent should be sought. Each situation is different. Enjoy your day.

Apr 15, 2021 05:49 AM
Margaret Rome Baltimore 410-530-2400

Wayne, we  have to find out what the seller needs in order to advise whether or not to go "as is."

Apr 15, 2021 08:22 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Margaret - I know people now who are willing to take this risk just to get a house.

Apr 15, 2021 05:51 AM
Margaret Rome Baltimore 410-530-2400

Grant, And it is a risk!

Apr 15, 2021 08:23 PM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I have always felt like the as-is addendum was not worthwhile.  Every home is assumed to be as-is and having an as-is addendum has never stopped any of my clients from having an inspection conducted and asking for repairs that were important to them.  I have even had success with bank-owned properties.

Apr 15, 2021 06:00 AM
Margaret Rome Baltimore 410-530-2400

Brian, You are proving ...there will always be negotiating, no matter what the contract states.

Apr 15, 2021 08:25 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I do like that 'As Is' Clause and would use it for a couple of my buyers if it was up here. Of course in the current market, it would be a negative

Apr 15, 2021 07:20 AM
Margaret Rome Baltimore 410-530-2400

Ed, I find the "as is" is (with inspections) is protection for the buyer and the seller.

Apr 15, 2021 08:26 PM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning Margaret! Yes indeed, it is an option and can be a great one

Apr 15, 2021 07:29 AM
Margaret Rome Baltimore 410-530-2400

Rocky, It is nice to have these options!

Apr 15, 2021 08:27 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Margaret ""as is" may be an option with conventional loans or cash deals, but if the financing is FHA, VA, or USDA "as is" does not mean much.  If the appraisal shows that repairs are required for financing approval, than the repairs will need to be done, or financing will not be provided.

Apr 15, 2021 03:28 PM
Margaret Rome Baltimore 410-530-2400

George, Not many FHA "as is" buying in today's market.

Apr 15, 2021 08:28 PM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Margaret- it's a good option for the right people in the right circumstances. a good friend sold her home as is because she was ready to move on and her children didn't want to have to deal with anything other than getting it sold and getting her moved into her new condo on the beach. 

Apr 15, 2021 06:41 PM
Margaret Rome Baltimore 410-530-2400

Kathy,  We all have many stories like yours!

Apr 15, 2021 08:30 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

This is an important educational post for home buyers, and sellers too, Margaret.  

Apr 15, 2021 06:54 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Apr 15, 2021 06:54 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Thank you, Myrl !!

Apr 15, 2021 08:30 PM