If you have browsed property listings, you have likely come across the word as-is. Homeowners love to sell as-is, but it is critical to learn how a potential may react to it. Here is what you need to know about selling your MA home as-is.
Understanding What the Term As-Is Means
As-is signifies that a home is being sold in its current state. This includes any problems that may exist, whether they are visible or not. Buyers may complete an inspection to better assess any problems before completing the sale. The precise interpretation of as-is can differ from state to state based on the specific facts.
Disclosure of Property Issues
In all property sales, home sellers still have a responsibility to share any material problems. The use of as-is is not a way to allow home sellers to lie about defects. Sellers must understand this.
Home Buyer Reactions
Seeing the term as-is in a home sale is typically alarming for home buyers. Many presume that it must have extensive problems. Home buyers willing to buy a home as-is will end up offering less to reflect the as-is condition. Buyers should contact a lawyer if they have concerns about their rights related to as-is stipulation.
Seller Advantages of As-Is Clauses
Sellers commonly want to use the term as-is to basically convey that they are unable to address any repairs on a home prior to settlement. However, from a legal standpoint, it means much more. The term is beneficial to a seller because it creates protection against future lawsuits from that buyer. For buyers, it is normally a red flag and they should evaluate the home cautiously.
Advice on Selling Your MA Home As-is
There is no right answer to this question. Consult with your Realtor about selling your MA home as-is and whether it makes sense. He/she will also tell you the impact it may have on selling price. If you do not already have an agent, contact Christopher Graves at Sierra Pacific Mortgage Company at 978-376-5389.