What are the pros and cons of selling a home as-is?
This is a question you may have thought about if you’re planning on selling a home.
Sometimes when you are selling a house that has some issues, selling it “as is” may seem like the easiest course of action.
Most homeowners assume that selling a home as-is means they will not have to make any repairs to the property (which is true) and that selling as-is will be practical and involve the lease amount of stress (which may be far from true).
Before you make the decision to sell your home as-is, you should be aware of what selling as-is entails.
There are some significant downsides to selling as-is.
Once you understand your options, you may decide that there are better ways to sell your home that will lead to outcomes you can be truly satisfied with.
To sell a home as-is means that you are selling the property in its current state, with an understanding that no repairs will be made and that the home will come with all its current faults and issues.
“As is” actually has a legal definition, and the buyer will probably have to sign paperwork indicating that he or she understands the exact terms of the transaction.
When you are buying a home “as is” it’s typically spelled out in the purchase and sale agreement.
Unfortunately, many homeowners are under the mistaken impression that selling as-is relieves them from all the general obligations that come with the sale of a home.
They imagine that they can unload the property for whatever price they can get while avoiding the need to talk about or disclose any issues with the home.