Yes!

When you hear the term “As Is” in a real estate transaction it means that the property is sold in its current condition without any repairs or changes. This term may be stated because the seller is unwilling or unable to make repairs. If the phrase “As Is” appears in the listing description or in the negotiations prior to an accepted offer, the buyer should be prepared not to request repairs or credits relating to the condition of the property.

-It is common practice for buyers to ask for repairs, credits or price reductions in a real estate transaction. These requests can be for obvious repairs and items discovered after a home inspection. If the seller agrees to repairs, they will need to be completed prior to close of escrow. This term can be negotiated and the seller can decide if they are willing to make any repairs. Most sellers compromise and fix items that are considered a health or safety concern. However, you can reply no to the request and give the buyer the option to proceed with the purchase or cancel.

-If your property needs TLC, you could be leaving money on the table. If you defer repairs, it could have an impact on offers. Buyers may offer less knowing they need to put work into the home.

-By not compromising on all repairs, you could be limiting the amount of buyers capable of purchasing your property. If your property needs repairs for health and safety reasons, it could prevent a FHA or VA buyer from purchasing a home as it may be a requirement from the appraiser/lender.

-Disclose, disclose, disclose. Always disclose all known repairs needed and completed. Clearly state what has been fixed and what isn’t functioning properly.

To learn more about “As Is” and see how it applies to you, give me a call.

Erica Auen
Real Estate Agent
CalDRE 01924707
Accolades Realty associated with HomeSmart Realty West