Home Selling in 20744>Question Details

wab226, Other/Just Looking in Fort Washington, MD

What's involved in selling "as is"? My Dad's house has been vacant since Jan 2012. Thanks.

Asked by wab226, Fort Washington, MD Mon May 6, 2013

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9
Hi wab226,

Usually means seller isn't willing to make any repairs or adjustments or negotiations.
I'd be more than happy to tell you more about it as well.

Be smart, Be careful, Be successful

Jimmy
0 votes Thank Flag Link Tue Jun 4, 2013
Hi wab226,
I recently sold my mothers home, as is, in the area. The process was quick and easy. I am willing to give you all the info and contacts I used. Email me so that we can set up a time to talk.
onegirlllc@gmail.com
0 votes Thank Flag Link Mon May 27, 2013
Selling as is a simple process. You just notify any potential buyers that those are the terms. Your agent will highlight that in MLS and advertising as well as your required disclosures.

Certain contract information will need to be removed and initialed by both parties and you'll need to be careful to watch for any seller responsibilities in the financing (FHA & VA loans only) addendum.

You will need to price the home for the condition and know that any potential buyer will expect the cost of the repairs plus an additional amount for inconvenience.

It would be best if you could have a general contractor look at the house and get an estimate for all repairs so you are informed and don't have to rely on a buyers estimate of cost. They will often estimate higher than your representative would.

If this is an estate you are exempt from property disclosure requirements.
0 votes Thank Flag Link Thu May 9, 2013
Hello wab226,

You have received a lot of good answers. The reality is that there are a few questions that need to be answered before giving a true roadmap as to how to proceed with an "as is" sale. It's obvious that you want to get the house sold without having to payout of your pocket. A few immediate questions come to mind that I need to know. 1) is your dad still living? 2) what is the condition of the property? 3) is there Mortgage? The answers to these questions will give me a better idea how to proceed. I can be reached at parkerteam4@aol.com or 301-440-1489. I look forward to your call. Thanks .
0 votes Thank Flag Link Mon May 6, 2013
Well you got a number of good answers.... You are the seller, and the buyer if prudent and / or represented by a good Realtor, will want to have an inspection in order to make an offer, so that based on those results the buyer will decide whether to make an offer, and if the answer is yes, what with review of necessary repairs and upgrades the house is worth to the buyer, and the buyer will also by recommendation of his Agent, consider that the final sale price will appraise so that the buyer can
secure a loan for the purchase.

So as is, although it mean that from the start you are telling the buyer, that you the seller will not pay or execute any repairs or updates, it always raises a flag to the buyer....
why as is, the buyer will automatically assume that there are problems, issues, repairs or other....
and will have a very careful conducted inspection, unless the buyer does not care about the house itself and will tear it down and is only interested in the land to build his/her own home. So if you sell as is and state the value is in the land, then that will attract a certain kind of buyers.

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon May 6, 2013
"As-Is" in a traditional sense means just as Tony stated below however the Buyer still has the option to conduct a Home Inspection and walk-away from the contract if they feel the repairs are too much for them to handle. It does limit the financing to either Cash, 203K Financing, etc.

You as the Seller would not be required to do the repairs. I am also a licensed and bonded Auctioneer through-out the State of Maryland. I will actually be at the PG County Courthouse tomorrow at 11 A.M. conducting several "As-Is" real estate auctions. In this case, a qualified pool of bidders will gather together and bid competitively against each other on a particular property with of course a set reserve set by the Note Holder (Bank) or in this case...YOU!

These are the two options of selling a property "As-Is" - The Traditional Method (which should only be listed and marketed by someone with prior experience in handling "As-Is" transactions) and then the Accelerated Auction Method of Marketing a Property for Sale, Truly AS-IS, No Contingencies, Quick Settlement, All Cash Settlement.

Please visit my website below for more information and a link is provided to my AUCTION WEBSITE as well.
0 votes Thank Flag Link Mon May 6, 2013
As is , means that the home is being offered for sale without the seller making any repairs to the home to accommodate a lenders or buyers required or desired conditions to facilitate the sale. This could potentially limit the type of financing that can be utilized by the buyer if the home is in need of repair.

Please feel free to contact me to discuss your plans and options for marketing your dad's home in more detail. I would welcome the opportunity to assist you !
0 votes Thank Flag Link Mon May 6, 2013
Hi,

I see you've already received a definition from Don. I'll add that you should note that many homes are sold as is that may actually not be in "bad" condition. You will see many short sales and standard sales that are sold "as is" simply because the seller does not have any funds to repair items in the home.

If you have any questions and/or concerns or would like us to provide you with a free comparative market analysis for your father's home, feel free to contact us.

Wishing you the best,

Tyra
Web Reference: http://dcmetrohomeguide.com
0 votes Thank Flag Link Mon May 6, 2013
"As is" means you're not committing to do any repairs or upgrades to the house. The buyer still can get a home inspection and include in the contract that the purchase is subject to the home inspection...so the buyer is entitled to know what (if anything) is wrong with the house. But, for instance, if the HVAC unit isn't functional, you're saying, "If the HVAC unit is broken, I'm not going to spend any money fixing it or reducing the price beyond what we've already agreed to."

I know plenty of investors in your area who'd be interested in at least making a bid your dad's house. They'd offer you less than you could get by listing with a Realtor, but they wouldn't mind purchasing in "as is" condition.

Hope that helps.
0 votes Thank Flag Link Mon May 6, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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