AS-IS ~ What Exactly Does That Mean?

What exactly does AS-IS mean? I always thought when you were buying a property AS-IS meant that you were buying the property in whatever way it was at that given moment.  I may have to rethink that concept.

Over the last several months, almost all the real estate contracts that I have written for Buyers have been AS-IS.  In years past, I assumed, and probably mistakenly, that no matter what was uncovered in inspections, that the Buyer could walk away if they feel there are too many problems.  Sometimes Buyers would ask for some credit because of extraordinary problems that were found during inspections.  However, that does not seem to be the case any more.  Buyers want almost everything repaired or a credit to compensate for those repairs.  Since this seems to be the norm now, why not just execute a regular real estate contract with limits on repairs? Sounds simple, right?  Yes, but most Sellers want to sell AS-IS.  And then the fun begins, no matter who you bring to the negotiating tables, Buyer or Seller, it seems a battle ensues.  I spend more time arguing with other REALTORS who answer for their Seller or Buyer.

That brings me to another point: We are the agents.  We negotiate between the Buyer and Seller.  We DO NOT OWN THE PROPERTY OR WANT TO BUY THE PROPERTY.  So why, time and time again, do I hear the other agent say to me,  “No, the Buyer/Seller will not accept that”, without even asking the Buyer/Seller.  I would never presume to answer for my customer.  It is like the age old question, “Will the Seller accept—-?” ~ I answer: “I have no idea, why don’t you put it in writing and I will present it to them”.

I think might be ranting and raving out of frustration, but what do you all think? Is this common in your area?  Is AS-IS really AS-IS? And who’s the customer anyway?

Before I sign off until next Monday…Please don’t forget May 17th …The REALTOR Rally in D.C.  Because our numbers are growing, it has been moved to the lawn in front of the Washington Monument.  Remember: This is our time.  This is our business.  We need to let our congressmen & women know we mean business…real estate business!

Until Next Monday…

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This entry was posted in Conversations, Professionalism, Real Estate, REALTOR Rally. Bookmark the permalink.

4 Responses to AS-IS ~ What Exactly Does That Mean?

  1. rcraigmccall says:

    Great article Matey

  2. Liz Iaconetti says:

    OM Goodness – Please, I just had a contract fail because the Buyer’s Agent wanted the seller to leave in that the Buyer could walk at their sole discretion… Really the dishwasher is to loud? So to put a parameter around that the Seller said, they can walk if repairs cost of XX$. No that wasn’t good enough. The Seller never asked for an AS IS Contract. Uhhhhh really – Just because someone closes and larger number of deals than another agent, doesn’t make them EXPERT and need to take more time on education.

  3. Matey Veissi says:

    I agree, but living where i do gives me access to many agents who NEVER, EVER read the whole contract, only the parts they like!!

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