You may have seen the term as-is. Sellers like to sell as-is, but it is critical to understand how a potential buyer may interpret it. Here is some important information on listing your Washington property as-is.
The term as-is indicates that a property will be sold in its existing condition. This includes any problems that are present, whether they are visible or not. The buyer is responsible for completing an inspection to accurately assess its condition before finalizing the purchase. The exact interpretation of as-is may vary from state to state based on the scenario.
Regardless of whether an as-is clause applies to a real estate sale, sellers still have a responsibility to reveal any known facts. The use of as-is is not a way to empower sellers to lie about defects. Sellers must keep this in mind.
Encountering the term as-is in a home sale is typically scary for first time home buyers. Most assume that a property must have large-scale issues. Home buyers amenable to purchasing a property as-is will end up offering a lower amount as a result. Buyers should contact an attorney if they have questions about their risks in regards to the use of as-is in a contract.
Sellers often want to use the condition as-is to merely say that they are unable to complete any repairs on a property before closing. But, from a legal standpoint, the meaning goes beyond that. It is obviously favorable to a seller because it offers protection against future claims from a buyer. For home buyers, it is commonly a red flag and they must proceed with caution.
There is no right answer to this question. Consult with your listing agent about listing your Washington property as-is and whether it is appropriate. He/she can also advise you on the influence it can have on selling price. If you are not already under contract with an agent, call Blaine Bickelhaupt at Blue Mountain Realtors at (509) 382-2020.