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. Sowhy, 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 I 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?
Until Next Monday…