Real Estate 101 - Selling Your Charlotte Home in As Is Condition

Listing Your Charlotte, NC House As-is

If you have bought or listed real estate recently, you have likely come across the term as-is. Homeowners may prefer to use this term, but it is important to understand how a potential may react to that term. The following is what you should know about listing your Charlotte home as-is.

(Marketing a property with the words, "As-Is Condition" may bring the worst case scenario to a buyers mind...)

Meaning of As-Is

The term as-is indicates that a house is being sold in its current condition. This applies to any issues that could be present, whether those problems are apparent or not. Buyers are responsible for completing an inspection to better assess any issues before completing the purchase. The explicit interpretation of as-is may differ from state to state based on the particular scenario.

Disclosure of Known Issues

In all home transfers, home sellers still have a responsibility to divulge any material facts. The use of “as-is” is not intended to allow home owners to lie about problems. This is important to remember.

Home Buyer Reactions

Seeing an as-is condition in a home sale is typically scary for many buyers. Most presume that a house represented this way must have some extensive concerns. Home buyers willing to purchase a house as-is will often offer less as a result. Buyers should consult with a lawyer to fully understand the inherent risks.

The Benefit to Sellers

Sellers frequently use the condition as-is to basically express that they do not intend to address any repairs on a house prior to settlement. But, from a legal perspective, the definition goes beyond that. The term is beneficial to a seller since it provides shelter against future lawsuits from a buyer. For buyers, it is often a red flag and they Should continue with caution.

ls Listing Your Charlotte, NC House As-is Beneficial?

This is not always an easy question. Consult with your AllenWay agent about listing your Charlotte, NC house as-is and whether it is a good idea. He/she can also tell you the affect it can have on selling price. If you do not already have a real estate agent, and would like to discuss strategies regarding your home for sale, give me a call at 704-412-7201.