Home Selling in 19125>Question Details

Krnmccullough, Home Buyer in Philadelphia, PA

What does "as is" actually mean when the phrase describes a property for sale? Does it have a legal meaning? Isn't every property

Asked by Krnmccullough, Philadelphia, PA Mon Jan 2, 2012

"as is"?

Help the community by answering this question:

Answers

14
As IS means just that, as is with no repairs, credits or money towards repairs. In foreclosures or estates the seller may really have no information about the property. In a resale that is owner occupied, they may try as is but if they have knowledge, then they HAVE TO disclose it. So no, all sales are not as is.
1 vote Thank Flag Link Sat Jul 26, 2014
I don't think it's a legal meaning. We see this in estates and foreclosures, where the sellers have no knowledge of the property and just want to get it sold -- they are warning buyers it is AS IS. Do your inspections but we don't care what you find.
1 vote Thank Flag Link Mon Jan 2, 2012
Everyone hit the nail on the head... Take it our leave it as they say.
0 votes Thank Flag Link Sun Jul 27, 2014
In my view, "As Is" means "As Is." The Buyer may get all the inspections he/she wishes for informational purposes, but don't expect the Seller to pay for any repairs that are discovered--ESPECIALLY if the Seller adjusted his price significantly to accommodate the Buyer and potential flaws with the property . The Seller already gave at the office. What's fair is fair....
0 votes Thank Flag Link Sat Jul 26, 2014
Krnmccullough

"as is" is the sellers way of putting you the buyer on notice that he has no intentions of doing any repairs.
Having said that you should know there is always room for negotiation. If the seller has agreed to provide a Use and Occupancy certificate and the municipality requires repairs he may still be responsible for them. If your inspection uncovers previously unknown defects then it may be better to negotiate with you rather than have to disclose them to a subsequent buyer. The point is know your contract and adhere to it. You should use an experienced and knowledgeable agent. "as is" is what you make of it and what you and the seller agree to in the contract.

Fran and Mark Reddiing
Prudential Fox and Roach, Realtors
1010 Stony Hill Road
Yardley PA 19067
215-321-3307 Direct
Mark@franandmark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Tue Jan 3, 2012
The answer to isn/t every property, but I do understand how you feel about it is NO

The difference between as is and not as is

As is ---- means that the current owner will NOT fix anything, nor pay you anything as an agreement after inspection shows short comings and needed repairs (like chimney needs fixing, furnace is very old and needs replacing, roof needs repairs) You will still have an inspection before making an offer, and if the inspection shows too many items that need repairs, replacement of fixing and you do NOT want to take them on, you just simply do not make an offer on the property, if you do, you get estimates on how much it will cost you and you then decide what you want to offer on that property, obviously less than if there were only minor issues

As is ---- if the issues are major you just do not make an offer or if you make an offer make it depending
on the outcome of the inspection, and if the repairs are too many you get out of the contract!

But from the beginning you know that there will be as usually is the case NO NEGOTIATING WITH THE SELLER ABOUT ISSUES FROM THE INSPECTION WHATEVER THEY ARE.

I hope this will answer your questions....

Good Luck a happy 2012
Edith YourRealtor4Life~! and your Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, buyers, sellers and investors alike....
Edith Always goes the X-tra Mile with a Smile for her clients!
Referrals of your friends, family and acquaintances are always highly appreciated
htttp://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Tue Jan 3, 2012
Krn.....

"AS IS" means without guarantees as to the condition of the property. The premises are to be accepted by the buyer or tenant as they are, including physical defects.

The extent and meaning of "AS IS" is normally defined in detail within most written agreements and may vary slightly from one contract to another.

Buyers of "AS IS" property would be wise to exercise their right to inspections as defined within the contract.

Good luck,

Bill
0 votes Thank Flag Link Tue Jan 3, 2012
There is no legal meaning. It is a very important reminder to the buyer that you will be buying the property as it is, looks etc with all its faults. No repairs by the seller will be made. Be very careful in these circumstances.
0 votes Thank Flag Link Mon Jan 2, 2012
Every contract that I see has an "as is" clause. That means that you agree to take the property as it is, not as you might want it to be, that you realize the property is not perfect. It's an important clause and has a very real meaning. However, when there is an inspection clause as well, it takes a lot of the wind out of the "as is" 'sails. These two clauses would seem to inherently work against each other and it is a credit to the system that they can co-exist fairly peacefully, as they do.
0 votes Thank Flag Link Mon Jan 2, 2012
No, there is no legal meaning except when it is written in the contract of sale basically it mean you're buying the house the way you see it. Before you buy it as is ask yourself this question is it an unbelievable deal? How much are the cost? If you can answer these questions and you feel good with your answers then go for it. But if the house is at market value and there are others on the market similar but with new updates then I would go with what is going to work for my pocket! Got it! Also don't ever buy a house without an engineer or inspector they are worth the money. Wish you the best! Jeannette Batsikas with Lighthouse RE
0 votes Thank Flag Link Mon Jan 2, 2012
Your buyer agent should answer be able to help you with this..it isn't a cut and dry answer. I live and work in Fishtown. Feel free to email me or call if I can help with your specific situation.

Thanks!

Jon Fink
0 votes Thank Flag Link Mon Jan 2, 2012
Many times, if an inspection turns up a flaw that needs a repair, the seller will be willing to make that repair, or at least provide a credit. If it says, "as is", usually (but not always), it means the seller or sellers will NOT make any repairs. Have your buyer's agent find out for sure if the seller is or is not willing to make any repairs at all. Whatever the answer is, if you still make an appointment to see the inside, keep that answer in mind before you make an offer. Are any needed repairs something you want to take on or not?
0 votes Thank Flag Link Mon Jan 2, 2012
Krnmccullough,
I agree with Laura that the owner is trying to avoid having to pay for any repairs. My experience however is that after an offer is made and an inspection done, if there are significant issues that may limit financing or would scare off any subsequent buyers, things can change.
Just proceed with care. If it says, "as is" be prepared to walk away if they do refuse your request. This can be risky as you will have tied yourself to a property and spent money on an inspection.
0 votes Thank Flag Link Mon Jan 2, 2012
Hello Home Buyer,
"As Is" means that the owner is not willing to perform any repairs on the property. Not all home sales are As Is. Many short sale sellers state this on their listings as they probably don't have the funds to make the repairs. Hopefully, the asking price reflects the condition of the home.

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Jan 2, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer