Pros, cons of ‘as is’ real estate sales

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: Is selling a house or condo "as is" a good or bad idea? I've heard arguments both ways – Tony J. DEAR TONY: Great question. An "as is" real estate sale means the seller (1) must disclose known defects, but (2) will not pay for any repairs. Purchase Bob Bruss reports online. However, if the residence suffers damage after the buyer's purchase offer is accepted by the seller in writing, the seller is still responsible for making repairs to restore the property to its "as is" condition as of the date of the sales contract. But there is a more important consideration with "as is" home sales. When a prospective buyer, or his/her buyer's agent, sees an "as is" listing, that raises a big red flag. "What's wrong with this home?" is the obvious question. There might be nothing wrong with a home listed for sale "as is." Or it could be in very bad condition. Every house and condo buyer should always include in his/her purchase offer a contingency clause for a professional home ins...