Question:
“Can I just tell buyers they have to buy my home As Is with no repairs?”
Answer:
Yes and no.
Before I explain what that means, try this fun game:
Ask your significant other, “Do you promise you won’t get mad if I tell you something?” If they agree, then say, “Those pants make you look really f—a—t.” After you’ve slept on the couch a couple of nights, ask why they broke their promise. They’ll say something like, “Sure I promised, but I didn’t know you were going to say THAT.”
So if you can’t trust your significant other to keep a promise without knowing the details, why would you trust a stranger?
My point:
If you get a buyer to agree to take your home “As Is”, it’s almost impossible to legally bind them to it up front. And even if they do agree in good faith to buy As Is, if the home inspector finds defects that aren’t readily apparent, they’ll probably ask for some repairs anyway, saying, “Yes, but I didn’t know about these problems when I agreed.”
Yes, As Is sounds like such a simple and easy solution.
And many agents valiantly promise this to their clients, only to disappoint them later.
If you hire me to sell your home, part of my job is setting realistic expectations. I’ll advise you that making or (better) crediting for a few repairs is a normal part of selling a home today. When we get a repair request, we look it over and sensibly negotiate it. Sometimes we make it go away completely. Other times we offer a credit or have the repair made, and close your escrow.
By the way, there’s another downside to marketing your home As Is.
Many buyers and their agents will wonder: “Hmmm, what’s wrong with the home that they don’t want to fix?” Logical or not, I’ve seen buyers get nervous about a home just for this reason.
I’d like to tell you the magic bullet is just saying, “Sold As Is.” But it isn’t. If it was, everyone would do it.
