If you have purchased or listed real estate in the past, you have probably come across the term as-is. Homeowners like to use this term, but it is critical to understand how a potential might feel about that term. Here is some important information on listing your home in MA as-is.
Definition of As-Is
The term as-is means that a home will be sold in its current condition. This applies to any problems that may exist, whether they are apparent or not. Buyers must order an inspection to better assess any problems before completing the sale. Based on past cases concerning as-is conditions, the specific interpretation will vary by state.
Disclosure of Known Issues
In all home sales, sellers have a obligation to divulge any known facts. The use of as-is is not intended to empower home sellers to hide problems. This is critical to remember.
Finding the term as-is in a home sale is normally intimidating for home buyers. Most assume that it must have large-scale concerns. For those that are willing to accept a house as-is, they may end up offering a lower amount to accommodate the as-is condition. Buyers may consult with a real estate attorney to fully understand the inherent risks.
The Benefit to Sellers
Sellers frequently use the term as-is to merely say that they do not plan to address any repairs on a home before settlement. But, from a legal perspective, the meaning goes beyond that. The term is advantageous to a seller given that it creates an extra layer of protection against future claims from a buyer. For home buyers, it can be a red flag and they must continue with caution.
Advice on Listing Your Home In MA As-is
There is no simple answer to this question. Ask your Realtor about listing your home in MA as-is and whether it makes sense. He/she may also provide some guidance on what impact it may have on prospective buyers and the sale price. If you are not currently under contract with an agent, call Peter DaMore at Law Offices of Peter T. DaMore Jr. at 781-229-7900.