Shore Realty Outer Banks Home Sales

WHAT "AS IS" REALLY MEANS

Think you will save money on repairs if you advertise your property for sale “as is?” If so, you’re wrong. The phrase “as-is” puts the fear of a money pit in buyers’ heads, which results in fewer showings and an eventual lower price to overcome the "as-is" stigma.

When an agents lists a property in the MLS to be sold "as-is", they usually mean the seller will not make any repairs to the property. What the buyers see is a house with problems that the seller doesn't want to fix. In the buyers mind they see a house that needs repairs that are not being disclosed. After all, why would a seller declare they will not fix anything if the seller does not already know about needed repairs. This is not how you entice buyers to look at your house.

There are other ways to handle things if you do not want to make repairs. The North Carolina Offer to Purchase and Contract already states that the seller is not obligated to make any repairs if they choose.  If the seller refuses to make repairs, the buyer automatically has the option to get out of the Contract during the Due Diligence Period if the repairs turn out to be more than the buyer expected.  This gives the seller what they want and gives the buyer the confidence to go Under Contract to purchase the property. 

The words “as is” stated outright in a Contract, however, mean that the buyer has no choice but to buy the house even if problems found during inspection are so extensive that the house must be condemned! 

Not many buyers are willing to take on that kind of risk.  So by putting “as is” wording in your Contract, you will chase away most buyers. 

As a seller, simply rely on the purchase Contract to protect you from having to make repairs that you do not want to make. 

Choosing an Agent

Pricing

Marketing

The Offer

The Closing

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