There are plenty of people looking for bargains and are pretty handy with tools. They'd love to buy a place at a discount, and then improve/fix the place themselves.
In fact--insider's secret--I've known investors who've had perfectly decent homes they were selling market those homes as "handyman specials." The homes could be priced a bit under the market and they probably could have used a bit of updating, but nothing much. But what it did was, it attracted people who were looking for bargains who weren't going to whine about the countertops not being granite or the appliances not being stainless steel. And they weren't going to freak out when the home inspector said that one of the outlets had reverse polarity.
So, while you don't want to do that with an upscale property, it's actually a great strategy for a "bread and butter" property that's a good value.
Hope that helps.
Thought number two: When not used as a tag line, "as is" can be used as a great negotiating tool. If the seller receives a less than desirable offer, oftentimes he can pull the "as is" card and say, "Yes, we'll take your offer, but we're selling the property as is, with no repairs." Again, the appraiser in his remarks can require certain items to be repaired as a condition of the appraisal.
Every listing is individual, so there's not really a blanket statement that covers every situation.
Abbey Turner, ABR
The Turner Team @ Keller Williams Realty
But "fixers" are fixers, regardless of what you call them, and I've always thought it was better to advertise to the most likely buyer of the property than the least. "Cute, adorable, waiting for your touches" should mean that the home needs a little cosmetic attention, not a complete rebuild of the north wall and foundation plus installation of indoor plumbing!
It also helps, I think, to line up financing for the home so that prospective buyers - and their agents - can be assured on that point.
"As-is" in my book is can work, if the house is really priced to sell as is. If not, then you can attract buyers that think their getting a real bargain, but come to find out that the house may not be as negotiable as they thought. It's best to use when the seller is truly realistic about how much the house is worth "as-is"
Overall, I think if the seller wants to list their house "as-is" or handyman, buyers will see what they are getting and go for it if that is the type of house they are looking for.
Licensed Real Estate Salesperson NYS
Margot Bennett, Inc.
As others before me have so eloquently said, "Not necessarily." However, when a Seller wants to sell As-Is, it's important for the agent to explain to the Seller what As-Is really means.
Some Sellers want to sell As-Is because they feel that it protects them from the responsibility of disclosing material facts about the home that could affect the Buyer's decision to buy, or the price he/she might pay.
As agents, we need to make sure that the Seller understands that As-Is simply means the Seller will not pay for repairs. It does not absolve Sellers from their duty to disclose under the laws of the state in which the property is located.
The same applies to selling a home as a "fixer-upper." The Seller needs to disclose what he knows. To do otherwise could result in a lawsuit.
Maggie Hawk, REALTOR
Watson Realty Corp.
Better Homes & Gardens Real Estate Metro Brokers
I'll be more than happy to work with you on such properties.