Selling a Home As-Is
Listing Your MA Property As-is
You may have seen the term as-is. This might be a useful condition for home sellers, but it is important to recognize how a buyer might perceive that term. Here is what you need to know about listing your MA property as-is.
Understanding What the Term As-Is Means
As-is means that a property will be sold in its existing condition. This applies to any problems that may exist, whether they are visible or not. The buyer is responsible for performing an inspection to fully assess any problems before finalizing the transaction. The precise interpretation of the term may vary by state depending on the specific situation.
In all real estate transfers, home sellers have a obligation to disclose any material issues. The use of as-is is not a way to empower sellers to lie about defects. This is critical for sellers to know.
What Buyers May Assume
Encountering the term as-is in a listing is often scary for most buyers. Many assume that it must have some extensive problems. For those that are prepared to accept a home as-is, they may end up paying less to reflect the as-is condition. Buyers may contact a lawyer to fully understand the inherent risks.
The Advantage to Sellers
Sellers frequently use the condition as-is to simply express that they are not able to complete any repairs on a property before settlement. However, from a legal standpoint, it means much more than that. The term is beneficial to a seller given that it provides an extra layer of protection against future claims from a buyer. For home buyers, it can be a red flag and they should move forward carefully.
Is Listing Your MA Property As-is a Good Idea?
There is no straight-forward answer to this question. Consult with your Realtor about listing your MA property as-is and whether it is a good idea. He/she will also advise you on the affect it may have on sale price. If you do not already have an agent, contact Bradford Pratt at REMAX on the Charles at 781-316-5760.
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