When the description says "as is" its gives the impression that the house is in distress or needs repair. From your description the house does not seem in distress but you many turn away potential buyers who are not looking for a "fixer upper". You can state that the buyer's inspection is for knowledge only but keep in mind that you are also not required to fix every little thing even that a buyer's inspection reveals so in all honesty I would stay away from any such wording about the condition of the house unless you are aware of potential problems, such as structural, water, etc. then you do need to make full disclosure of such but again, you are not required to remediate the problem. I always advise my buyers prior to the inspection, during the inspection and after the inspection that the purpose of the inspection is for major issues that are unknown to us, such as structural, termite, etc. not something petty such as the paint being chipped or the furnace is old. We visibly saw the furnace and new it was old, etc. In any event, I would stay away from the terms "as is" if the house is in overall good condition.
Gina Chirico, Sales Associate/Realtor
Prudential NJ Properties
973-239-7700 ext 132
Sounds like you have done a lot of improvements to your home and you just don't want to fix any tiny problmes people migh find - such as maybe a little crack on the walll, scratch on the floor, etc.
By listing "AS IS", it will make people wonder what that might mean and thought this could be a fixer, etc. Perhaps a better way is not to mention that formally but let the buyers agent know when they are brining in an offer that the buyers are welcome to do their inspections but you will not want to fix little problems which they might find but are common in a home, and that if there is major problem (which, of course, you want to stress that you do not expect to have) from the inspection, you are open to discussion.
Good luck, sounds like a nice, move-in ready home.
NJ is a state that requires a seller to disclose any known problems with the property. In my professional opinion (and I've sold hundreds of houses), the least expensive way to deal with an "as is" sale is to handle it the way a relocation company does. Have your home professionally inspected by a licensed home inspector BEFORE the house goes on the market, then give a copy of the report to any interested buyers.
You (and your agent) then have a detailed assessment of the condition of the house. This will help you price the house appropriately, in the first place. I attach a cover form to the the inspection report (and include in the listing) saying that you are selling the house in "as is" condition, per the attached inspection report. Seller will not repair any items listed or make any price concessions for these disclosed items. Buyers are encouraged to have their own inspection done after attorney review, but only that were not found on the seller's preinspection will be addressed.
By spending $200-400 up front: you and potential buyers and agents have a better idea of what "as is" means. You get price negotiations over ONCE, when a buyer makes an offer, and the property is still on the market so additional offers can be entertained, not have to renegotiate after a buyer's home inspection -- which takes place after the home is under contract and receiving few if any showings. (buyers have the advantage at this point.)
More times than not, repair concessions that are requested by buyers' attorneys are high (I've heard an estimate of double) what the repairs would cost. I have seen some pretty outrageous amounts ($2000 for a new refrigerator, because a 10-year old fridge didn't register cold enough at a buyer's inspection. or $500 because an old dishwasher's seal was failing.) Also, if a buyer's inspection comes up with a laundry list of items, a seller will usually "give in on something" to keep a deal together.
There are some home inspectors who understand this, and there was one in my area that would peform a seller's presale inspection on a house listed for sale with a REALTOR, who would wait for his payment until closing (or 90 days, I think). It's worth discussing with home inspectors you interview.
My best advice to you is to hire an experienced, professional REALTOR to represent you in the sale of your house. If you need help finding an agent, contact me.
Good luck with your sale.
Joan Prout, MBA
RE/MAX Villa REALTORS
Jersey City, NJ
Every home is sold "as is". You are perhaps more concerned about the marketing, as opposed to have a 'perfect home". There is no such thing as a "perfect home"
That is the value of have professional representation by a Realtor. We are in homes all the time and know what is important to buyers.
The Realtor's primary job is to expose the value in your home to the market, then negotiate the best price with the buyer, and work for a smooth transaction. The National Association of Realtors surveys show that buyers prefer a home that they can simply move into without too much work.
There is a saying "everyone pays to maintain their home. Some while they live in it, some at the sale, but we all pay to maintain our home". Having a Realtor give you advice on what to do to maximize the value projected by your home is one of the most valuable services we offer. Interview three Realtors and see what they recommend.
It might be helpful for you to read the Agreement of Sale that is currently used by all real estate offices in Burlington/Camden Counties. The paragraph concerning the Home Inspection is for very specific "major" items and does not get involved in any type of cosmetic issues or systems that are old but are currently still working. Send me your email address and I will forward this paragraph to you and hopefully you will have peace of mind. During your interview process, you can also request that the agent bring our Agreement of Sale in order for you to review. As part of the Burlington/Camden Assoc. of Realtors, we all used the exact same contract.
If you home is in good condition and you are not aware of any defects, I also agree that "as-is" is not the way to go. In our current market, buyers expect the house to be priced 20% to 30% lower than the rest of the neighborhood and will be come in with extremely low offers. Some buyers will be completely turned off and not view the property at all.
Broker - Sales Associate
Weichert, Realtors - Moorestown
856 235-1950 x 140
609 680-8490 cell
In your case, though, just price the house accordingly. One thing you might do--ask your Realtor whether this technique is likely to work well where you are--is to set money aside as a "decorating allowance." Promote it in the listing. Some buyers know that they'd like to do work on any house they buy--maybe new paint, maybe some light fixtures, maybe some window coverings, and so on. But they're concerned that they may not have enough free cash after buying a property to do what they know they'll want to do. So you do it for them. Set the money aside upfront. Make it a strength of your marketing plan. That should reduce the requests for the smaller repairs or upgrades. And when you do receive them, your agent can point to the "decorator's allowance," explain that that's what it's for, and that will allow the buyers to do the things to their tastes.
Hope that helps.
Good luck to you. It sounds like you have a very nice home - I recommend that you not inadvertantly turn away your buyer with the term "as is".
As Gina stated you can always sell your home and stand firm on the negotiations. Or if you know of somethings that are wrong build a little into your asking price and as they negotiate just say that since they want price X these items will not be fixed. If they pay price Y you will give a concession at closing for them to have it fixed. Make sure your agent highlights everything you have done as you mentioned in your post. You do not have to do anything as far as the negotiations. You don't even have to sell. Just let your agent know your stance and if they want your home they will buy it.
My office is in Cherry Hill. I've spent my early years in Camden before my family moved to Pennsauken. I done quite a few transaction in the city. You should know about changes the city has made in obtaining a certifiicate of occupancy. When you call me I can show you how you can get the highest return on your home without alot of hassle.
Jeremy S. Hill, Realtor
Keller Williams Realty
1814 Route 70 East
Cherry Hill, NJ 08003
"Your Interest 1st Always!"