Selling Your Home “As-Is”
Carter & Co. June 13, 2013
Thinking about selling your home but not sure you want to make needed repairs before listing it for sale? You're in luck! These days, many homes are being sold "as-is" due to an ever-increasing lack of inventory.
An "as-is" home sale proposition releases home sellers from liabilities and repairs stemming from the home's condition post-sale. That doesn't mean a prospective buyer can't request an inspection. It just means that the seller is not responsible for whatever the buyer discovers in that inspection. So if the inspection reveals issues, you can still sell your home.
If the home in question is a foreclosure, home buyers may be able to negotiate repairs a little more easily with a bank, particularly as they relate to safety hazards.
However regular home sales or short sales are often a different story. Time is generally a motivating factor and multiple offers may speed the process. Home sellers offering a good price are not going to want to do needed repairs if they can sell the property "as-is" to an anxious buyer.
Check local statutes and discuss them with an established real estate expert in your area to determine what you must disclose about your home, before deciding to sell. If you question the integrity of some area of your home, an "as-is" sale may be just the thing!