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Selling A Property As Is

What does it mean? How does it work? Well, it depends on the contract that is agreed to.   In legal terms it means the seller is not making any representations or warranties to the condition of the real estate.  For a typical or customary real estate transaction where both buyer and seller are represented by their respective agents there is a paragraph in the contract (posted below) that can be initialed by both parties binding the agreement to an as-is transaction.  

From the buyers standpoint they should be approaching the situation without expectation of seller concessions or re-trading.  However, seller beware, this can be the buyer gaming the deal.  In normal brokered transactions there is also an inspection contingency as well as attorney review.  These typically run for 5 business days concurrently.  The buyer will have their opportunity to inspect the premises and conduct any due diligence as they see fit.  They can and most likely will ask for some concessions whether it be seller credits or repairs.  Additionally, if the seller is made aware of a defect in the home they will be required by state law to disclose those defects if the deal were to fall apart.  Alternatively, when an inspection is waived I would then have confidence of the buyer performing on the contract.  

When selling your home to a direct buyer such as The Schneider Group we will assess the home and its condition prior to making an offer.  The offer that we make will be in purely as-is condition and we will not conduct any additional due diligence unless expressly agreed to.  This is quite a benefit to selling your home to a cash buyer in as-is condition. 

                  If you have any questions please consult your real estate attorney.

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