Agent

Is it smart to buy or sell home ‘as is’?

Sellers should not expect to fetch top dollar on sale
Published on Mar 26, 2004

Exactly what does an "as is" home sale mean? I'm often asked that question. The answer is surprisingly simple. An "as is" home sale means the house or condo seller refuses to pay for any repairs of defects in the residence. In states that require home sellers to disclose known defects, an "as is" sale is not a way to evade the seller's obligation to tell the buyer about problems with the property. Purchase Bob Bruss reports online. Some real estate agents recommend their home sellers sell "as is." Their primary reason is that the seller is not obligated to pay for repairs for disclosed defects or for defects the buyer later discovers even though the seller didn't know about them. For example, suppose an "as is" home seller discloses the roof leaked around the chimney, but the flashing was repaired and it hasn't leaked since. However, shortly after the home buyer moves in, during a heavy rain the roof leaks around the chimney. Is the seller obligated to pay for repairs? No, because ...

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