WHAT IS AN “AS-IS” CONTRACT?
There are different opinions and viewpoints as to what an “AS-IS” contract really means!
From a Sellers point of view they are selling their home “AS-IS” with no repairs being made.
From a Buyers point of view, they are buying with the caveat that they are going to have an inspection and then decide if they are going to buy the property “AS-IS” or require the seller to make repairs.
With an “As-Is” contract the buyer is obligated to purchase the property in its current condition. Typically, the contract is contingent on an inspection. Buyers are protected during the inspection period and the buyer has great latitude in canceling the contract and having their earnest money returned!
Realtors need to educate Buyers and Sellers as to what a true “As-Is” contract means. Otherwise neither party is realistic about the process.
A “Traditional” Listing is the standard purchase contract and the main difference is the standard contract calls for the seller to remain responsible for a pre-determined financial amount for repair of items discovered during the inspection period both for the general inspection and the inspection for wood destroying organisms.
Before you decide to buy or sell your next home, be certain to get detailed clarification about the process and type of contract you want to utilize. This will save you a lot of confusion, time, energy and money.
Call an experienced professional Realtor or Broker to help you navigate the sometimes troubled waters of buying an “AS-IS” property.
Nanci E. Gould-Broker/Owner of Geiger Gould Properties, LLC, SRES-CPRES-CDPE
321-549-0707 www.geigergould.com Call for a no-obligation evaluation!