Thursday, October 24, 2019 / by Dixie Simon
Selling your house as-is may be a question or a situation that you have grappled with or wondered about when you see it. I know that the first time I dealt with this, I was confused. What does this mean? As a Buyer, do I still get my inspection?
Hi, this is Dixie with Haven Real Estate Group.
In our MLS listings, we come across homes that are listed to be sold As-Is. Biggest response to these questions “What’s wrong with it?" "Why are they are selling it as-is?” Obviously, that is our go-to human response to a statement like this. At least it is mine.
There are pros and cons to selling a home as-is? Sometimes when you are selling a house that has some problem areas, selling it as-is may seem like your best action. Most homeowners choosing this route think they will not have to make repairs (which is true) and that this type of sale will be practical and involve the least amount of stress (which may be far from the truth).
It does not mean however that you are not obligated by law to disclose the issues with the home on the Seller Disclosures.
Homeowners also need to understand that Realtors are held to a higher standard when it comes to disclosing a home’s defects through the Consumer Protection Act. Realtors have an obligation to disclose any fact that could influence the buyer not to enter into the purchase and sale transaction.
For Example: if the Realtor knows that the seller’s basement floods every spring this is a fact a Realtor has to disclose. Here are some other examples a Realtor must disclose to potential buyers.
· Evidence of a structural defect like a major crack in the foundation.
· The appearance of mold in the home.
· Termite damage.
· The roof has leaked, or there was a prior ice dam that caused damage.
· The radon levels in the home are higher than the acceptable EPA limit.
· Major known plumbing or an electrical issue.
· A significant external issue such as obnoxious noise levels.
· A known legal issue such as a cloud on the title or the property is a short sale.
In my opinion, most homeowners should avoid selling as-is. There are certain situations where this truly is the most sensible way to go. This is definitely a conversation you should have with an expert in listing and evaluating your home’s value.
Don’t sell yourself short. A little bit of elbow grease can go along way to delivering a better outcome for you.
If you have any questions or concerns, please feel free to reach out to me.
Haven Real Estate Group