What Does it Mean if a Property is Being Sold As-Is?

Posted by WILMOTH Group on August 29, 2021
What Does it Mean if a Property is Being Sold As-Is?

When a property is being sold “as-is” no repairs will be made by seller.

If an inspection contingency is included in the offer, any response should only include any major structural or safety issues over $500 and should include a possible credit amount at closing. Ideally the request will be accompanied by two contractor bids. There are no guarantees that any allowance will be given.

A property sold as-is should be priced assuming repairs are needed. The seller is not agreeing to make any repairs nor is likely willing to lower the price for repairs needed on the property. If the property is sold as-is and no repairs or refurbishments have been made – it should be assumed that some work of some type is needed and the offer should be reflective of this information.

The seller realizes that work needs to be done and should have already priced the property accordingly.

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WILMOTH Group is headquartered in Indianapolis, Indiana and Fort Myers, Florida. We focus on providing creative local solutions for a variety of residential real estate needs including, properties for sale, property management services in Indianapolis, and short-term management services in Tampa and Fort Myers.