An “as is” sale in real estate terms means that the seller is unwilling to pay for any repairs to the property.   However, seller’s MUST disclose all known defects or problems to their prospective buyer.

The first kind of seller that opts for “AS IS” home sales are taxing authorities and lenders.  Nearly all distressed sales, such as, Foreclosures, tax sales, short sales and bank owned real estate are sold “AS IS”, because lenders are not in the home improvement business.  Lenders also have their hands tied when it comes to making representations about the condition of the property at the time of sale, since they have never occupied the property. 

Homeowners are the second type of seller’s that often elect to sell property “As Is” for a variety of reasons.  Sometimes, they live a long distance from the property; they don’t want the inconvenience; they can’t afford it; or, the property will likely be torn down or completely remodeled by the buyer.

As a general rule, “As Is” properties need a lot of work and  they are priced below the market.   If you are selling a property “As Is” you should discount the property to compensate for its condition; disclose all known defects to the buyer; and, expect low ball offers.

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