
It happens a lot – people think they are selling their home “as is” only to get a long laundry list of repair requests from the buyer after having the house inspected. Surprised, they wonder how does that happen?
Well, the reality is all sales are “as is” in the sense that a buyer cannot come back to a seller to complain about something wrong with the property after closing (unless there was some type of fraud), but that does not mean the buyer cannot raise repair issues pre-closing. The only true “as is” sale is where the buyer doesn't care about the condition of the home. Usually, this is in cases where the buyer intends to tear down or gut the home. In tear down situations, the contract is drawn up to eliminate the inspection contingency.
So long as the contract is contingent on an inspection of the home, it is not a pure “as is” sale. Therefore, if you wish to sell your home as a true “as is” offer, you need to remove any inspection contingency clause in the contract, or at least narrow the inspection contingency to major items such as the septic system or the presence of an underground storage tank (UST). The more specific you are in defining what is included in the inspection contingency, the more "as is" your sale will be.
Comments
There are no comments for this post. Be the first and Add your Comment below.
Leave a Comment