Posted by Jasonrei on August 09, 2003 at 13:11:49:
“As Is” doesn’t always mean just “As Is”. It could mean “As Is, so don’t look at this property thinking I’m gonna do a bunch of repairs at my list price.” Or “As Is so don’t expect a beauty” or “As Is, but if you want me to make repairs you need to bump the price up and I want to be sure you will follow through.” Then again, it could be “As Is, period!”.
I have a res/comm property I’m offering for sale “as is”. Someone would have to pay cash or find a lender that doesn’t much care what condition it’s in. They could also put down a big deposit and raise the price, and I’d do whatever repairs they wanted me to make.
I have a bunch of real estate listings and have found that many of them are listed as being sold “AS IS”. Now, I’ve heard of selling a car, “as is”, but never knew that such a term could apply to a home!
As with a car, does this mean that I can’t get the home financed by a bank? Exactly what does this mean, in terms of getting a home loan, etc.???
Posted by Jasonrei on August 09, 2003 at 13:15:26:
Also, those listings might be REOs. If they are, the seller wants you to know that they might not be set up to do any repairs, so they don’t want you to waste their time submitting offers subject to certain repairs. If a realtor has clients that are picky, or don’t have ANY money or desire to do repairs on a home, “as is” is a good indicator to them that this is probably not a house they want to waste time taking their prospects to on Saturday morning.
As is means as in the condition it is now which can be painting needed,leaking roof, broken light bulbs, ect. ect. How this could effect your loan is,will the lender requirer the seller to correct these problems?