Selling a Home As-Is
Listing Your Property In MA As-is
If you have viewed real estate listings in the past, you have likely seen the term as-is. As a home seller, it may appear to be a great condition to use, but it is critical to know how a buyer may interpret it. Below is what you need to know about listing your property in MA as-is.
Understanding What the Term As-Is Means
As-is represents that a property is being sold in its present state. This applies to any problems that might exist, whether those issues are apparent or not. Buyers may perform an inspection to better understand an issues before completing the transaction. The specific interpretation of as-is can vary by state depending on the facts.
Disclosure of Property History
In all real estate sales, sellers still have a obligation to reveal any known problems. The use of as-is does not empower home owners to conceal issues. This is important to remember.
Finding an as-is condition in a listing is usually scary for many buyers. Many assume that it must have major issues. For buyers who are prepared to accept a sale as-is, they will end up offering less to reflect the as-is condition. Buyers should contact a lawyer if they have questions about their risks related to the use of as-is in a contract.
Seller Advantages of As-Is Clauses
Sellers frequently want to use the term as-is to merely announce that they will not negotiate any repairs on a property before closing. However, from a legal standpoint, the definition goes beyond that. The term is helpful to a seller given that it provides shelter against future claims from a buyer. For home buyers, it is more of a red flag and they should evaluate the property with caution.
Is Listing Your Property In MA As-is a Good Idea?
This is not really a simple answer. Ask your Realtor about listing your property in MA as-is and whether it is appropriate. He/she will also offer some information on what impact it may have on prospective buyers and the ultimate sale price. If you are not already under contract with one, contact Bradford Pratt at REMAX on the Charles at 877-481-5544.
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