Home : Selling "As-Is" Can Mean Many Different Things....

Selling "As-Is" Can Mean Many Different Things....

Posted by Tina Merritt on 10/19/2009 at 12:53 PM
Posted in Real Estate Investing

Blog Image I hear it all the time from sellers, "I'm selling my house as-is". Well, Mr. Seller, what if the buyer accepts the as-is provision, but the appraiser says the front porch handrail needs to be replaced? What if the buyer's mortgage company won't lend on the property unless there is a clear termite and moisture inspection and your home needs a rotted board replaced in order to get a clearance? Do you REALLY want to kill an entire sale over a relatively inexpensive repair?

In most cases, if you truly MUST sell strictly "as-is", your buyer pool will be limited to cash buyers, rehab loan buyers and private investor funded buyers.

If you want to keep your buyer pool as large as possible, consider being more flexible so you can work with VA, FHA and conventional buyers. To limit your liability for repairs, you can cap the amount you are willing to spend; just keep in mind that if the buyer can't come up with additional funds for necessary repairs, you could lose the deal.

Also, consider the "as-is" connotation. The first thing that comes to mind is, "What's wrong with it?" "What is the seller hiding?". That's just not a good way to start a transaction.

Tina Merritt is an 11 year veteran Real Estate Agent and Trainer based out of Virginia Beach, Virginia. She holds a degree in economics from Virginia Tech and post-baccalaureate from Virginia Commonwealth in real estate and land development. As an avid social networker and internet marketer, Tina helps real estate agents, loan officers and affiliated industries embrace technology. As a real estate agent, Tina primarily deals with marketing and selling properties deemed "hard to sell" and also works with real estate investors helping them build and/or liquidate their portfolios for maximum profit.

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2 Comments

Posted by user28112 on 10/20/2009 3:19 PM

Tina, may and your loved ones be safe and secure.

Very good thought-provoking advice.

Sincerely, your friend and "Revolutionary Entrepreneur"
Nimrod: the "Valiant and Strong" soul soldier

Posted by member1982261 on 10/21/2009 1:22 PM

You are raising a very good point. If a house needs even minor repairs this can be a deal-breaker, and even if it's not the buyer might low-ball the price because of the repairs that have to be done.

John,
http://www.canadabanks.net/default.aspx?article=Royal+Bank+of+Canada

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