Posted on: 27th Apr, 2006 08:56 pm
I came to know about "As is sale" today and it looks new to me. And I want to share my knowledge with you.
Selling a home "as-is" means the seller will not make any warranty and not pay for any repairs. However, in the many states "as-is home sell" sellers are required to disclosed the defects in the residence to the buyers. After considering these disclose defects, the buyer will make a purchase offer.
The four different reasons for selling a home "as-is" are:
Selling a home "as-is" means the seller will not make any warranty and not pay for any repairs. However, in the many states "as-is home sell" sellers are required to disclosed the defects in the residence to the buyers. After considering these disclose defects, the buyer will make a purchase offer.
The four different reasons for selling a home "as-is" are:
- Seller does not have the sufficient amount to funds to repair the disclosed defects.
- An older house is likely to be repaired as per the buyer's standard.
- The sellers were trying to avoid any inconvenience and hassle while repairing the home.
- The seller didn't live in the home and hence they are not very much aware of all the defects.
Hi,
As far as I know this is not a very common concept. I only know one thing about it i.e. the seller will not make any warranties or representations and will not pay anything for repairs for any kind of defects. But in most of the states as is home sellers are required to disclose all the known defects in the property to the buyer.
Thanks,
Jerry
As far as I know this is not a very common concept. I only know one thing about it i.e. the seller will not make any warranties or representations and will not pay anything for repairs for any kind of defects. But in most of the states as is home sellers are required to disclose all the known defects in the property to the buyer.
Thanks,
Jerry
You’re right Jerry. Although in "as is" sale the seller has no compulsion to fix the defects but they are required to disclose any known defects on the property.
A buyer who purchases an "as is" property can take legal action against the seller if he can prove that the seller had prior knowledge of the defect.
For this reason it is better for the sellers to protect themselves from any charge by disclosing any information they have about the property. In addition to the disclosure forms the sellers should conduct home inspection on the property before listing it "as is".
With the home inspection the sellers will be able to know more about the condition of the house and can pass the same information to the buyer which will make the buyer more confident to purchase an "as is" home.
A buyer who purchases an "as is" property can take legal action against the seller if he can prove that the seller had prior knowledge of the defect.
For this reason it is better for the sellers to protect themselves from any charge by disclosing any information they have about the property. In addition to the disclosure forms the sellers should conduct home inspection on the property before listing it "as is".
With the home inspection the sellers will be able to know more about the condition of the house and can pass the same information to the buyer which will make the buyer more confident to purchase an "as is" home.
In "as is" the sellers should keep in mind that it doesn't mean that you can conceal defects. This is a misconception with many sellers that I have seen.
I don't think "as is" sale is the best method for a home seller to earn high as it puts a warning signal to the prospective buyers that there may be something wrong in the property.
On the other hand it gives an opportunity to the buyer to bargain on the price of the home. But the buyer must have an inspection with his own professional inspector before accepting to purchase and should not agree immediately as if he is getting a cheap price.
On the other hand it gives an opportunity to the buyer to bargain on the price of the home. But the buyer must have an inspection with his own professional inspector before accepting to purchase and should not agree immediately as if he is getting a cheap price.
You commit an error. Let's discuss. Write to me in PM.
Actually, Angel, an inspection isn't appropriate until such time as there's a legitimate contract in place for the purchase of a property. However, that's something that would be contained in the language of the contract, indicating (we hope) that any findings from an inspection could negate the contract in full.
Someone attempting to purchase "as-is" must be aware that there will certainly be circumstances surrounding the property which would require repair and/or renovation after purchase. In other words, such a buyer really needs to have his/her eye open - WIDE.
Someone attempting to purchase "as-is" must be aware that there will certainly be circumstances surrounding the property which would require repair and/or renovation after purchase. In other words, such a buyer really needs to have his/her eye open - WIDE.
