Is AS-IS really AS-IS?

That’s the question today.  I am looking to my readers for your answer: Is an AS-IS contract really just that?

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I usually receive an AS-IS contract when someone submits an offer on one of my listings.  Then inspections follow and inevitably, the Buyer comes back and wants concessions or credit from the Seller. Why?  What is the use of using an AS-IS contract if you are not purchasing AS-IS as the contract says.  Why even have this contract form?  Yes, I know we all do it, even when we bring the Buyer to the property. But I wonder why?  Yes, I know all the wording of the inspection clause, but again, why even have an AS-IS contract?  I am looking to all of you to give me the reasoning.  After all, we are all in this profession together, so Fellow REALTORS, give me your insight.

Hopefully you all had a wonderous Passover, or blessed Easter with family and friends.

Until Next Monday,

Matey sig

 

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This entry was posted in 2015 President Elect, 2016 President, Hot Topic, Professional, Real Estate, Sales Techniques and tagged , , , , , , , . Bookmark the permalink.

2 Responses to Is AS-IS really AS-IS?

  1. Michelle Card says:

    Submitting an offer on an ‘As-Is’ contract to seller gives buyer the right to walk away at their sole discretion during inspection period. The buyer does not need to show any failed inspection items, nor does buyer need to explain why they are walking away. There are no repair limits. Again, it is at the buyers sole discretion to walk away. However, during the inspection period, the buyer can submit a request to negotiate any repairs to seller if such items appear on the inspection report. Buyer can continue to walk away without penalty if the seller does not agree to repair. I believe a buyer has the upper hand in an ‘As-Is’ contract.

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