What does "as is" mean for a coop building?

Asked by Ms. Betty, Bronx, NY Fri Aug 7, 2009

what should the price be for a well kept , 1 bedroom coop apartment?

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Bill Eckler, Agent, Venice, FL
Sat Aug 8, 2009
The term "AS IS" in real estate generally referrs to the fact that the seller is offering the property at a specific price and is unwilling to make any repairs to the property that may be identified during the inspection process.

Good luck
0 votes
Seiba Cooper, Agent, Plainview, NY
Sat Aug 8, 2009
Good Day Betty,

Maria is correct, "as is" usually means the seller is selling the property in its present condition and is not willing to make repairs of any sort. In some of my most recent experiences the term "as is" is just a term to deter any request for repairs. However, if there is a something you truly would like to get done, it never hurts to ask. Especially in our current real estate market. You may have more leverage to get what you want done if you have a bank commitment and good down payment. A smart seller would not want to let a bona fide buyer slip through the cracks in this market for a minor repair or request. Getting what you want requires negotiating and It helps by having a good agent and attorney at your side. Everything is negotiable, including "as is" properties.

The price should be based on recent sales of similar apartments in the building.


Good Luck!


Seiba Cooper, e-PRO
Licensed Real Estate Salesperson
Harlem Homes Realty Inc.
56 Tiemann Place
New York, NY 10027
Office: 212-961-1313, ext: 61
cell:914-396-6046
Fax: 212-961-0906
http://www.HomesbySeiba.com
http://www.HarlemHomes.com
0 votes
Maria Moragi…, Agent, 10463, NY
Fri Aug 7, 2009
Hello Ms. Betty,
As is" denotes that the seller is selling, and the buyer is buying an item in whatever condition it presently exists, and that the buyer is accepting the item "with all faults", whether or not immediately apparent. The careful buyer should take the time to examine the item before accepting it, or obtain expert advice. Oddly, the seller is also saddled with "as is" if the item being sold turns out to be much more valuable than thought.
I hope this helps.
The price for a well kept 1 bedroom coop apartment would depend on the comparable market analysis of the surronding area
Maria
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