as-is confusion (tenants, contingent, agents, investment)

[Rabrrita]

ALL homes except new construction are technically sold "AS IS". You would have to change the standard terms of sale to make it with warrenty and not As Is. Sounds like your parents are confusing you with theirr missunderstanding of a simple issue. If you read the standard contract, odds are the As Is is already a part of it, buried deep inthe wording.

The "As Is" in the contract is not the same as an "AS IS" in the listing, which is what many of us thought you were talking about. Your RE Agent should address the specific of the wording and meaning with you. Have you asked that person?

[Riptide_NVN]

In the case of my parents they were using the clause as a protection from lawsuits after the sale. That was the intention. They allowed an inspection and were willing to negotiate on items that came up on that. Their use of the clause is not the typical use - upfront lack of willingness to make repairs. Their use was strictly after the fact lawsuit protection.

Or at least that was their intention anyway. From what I've read it really doesn't do much for them in their situation. They lived in the home so they can't claim ignorance of defects they should have known about. Therefore their intended effect of using that clause was pretty much useless.

They are a bit on the paranoid side here yes. Well meaning but perhaps a bit over cautious. An attorney would be able to spell it out and I may pay the fee when I get a buyer to run the contract past them. When I do that I will make an inquiry about the clause.

@Rabritta
There was ZERO mention of "as-is" in the prudential floberg contract the agent printed out for the first offer I got. I looked it over. It's not in there.

[bbronston]

I'm not an attorney so I suggest you talk with one who specializes in RE and ask this question: does "as is" relieve you of any responsibility to disclose known defects? I'm pretty sure the answer is no. Next question: if you are sued post-closing over something you had no knowledge of before the closing, how likely is it that the buyer will win the case and who would pay your legal bills in either outcome? Last question: does "as is" afford you any greater protection from a lawsuit over a dispute that arises after closing? Weigh these things against the likelihood that selling your property "as is" will take longer and you are likely to receive less money for it and make your decision as you see fit.

BTW, if you agree to use the attorney to handle your title and closing, you may receive this advice for free.

[cully]

Any buyer should have a home inspection...and you can request it's done by an actual professional company. And the lender will have an appraisor go out, note any improvements that need to be made and have the inspector go back out before closing.

[Rabrrita]

Originally Posted by Riptide_NVN

There was ZERO mention of "as-is" in the prudential floberg contract the agent printed out for the first offer I got. I looked it over. It's not in there.

In many states, upon sale of property, it’s an As Is sale. Usually that is mentioned in the contract although I have seen some that simply have some vague mention to state law.

Once again, unless a state specifically provides relief in an "As Is" sale, there is no additional protection it provides that isn’t already covered by state laws. Unless specifically exempt in an As Is sale, it would not relieve you of any liability under disclosure laws. I believe only 3 states have a separate legal definition of As Is that isn’t the normal common aw understanding.

Have you asked your RE Agent if your state views all sales as As Is (with the normal exceptions like new construction, etc) which would mean the protections you seek are already in place. It wouldn’t hurt to add it in, just not making is such a big deal the buyers think you’re up to something.

[Riptide_NVN]

I don't have an agent. Selling by owner. I could ask around and find out though. The real estate attorney may also know the answer to that. I do know it was not in the prudential floberg contract the prospective buyer's agent had printed out from their system. I went over it pretty carefully and as-is is most definitely not there.

[Rabrrita]

Originally Posted by Riptide_NVN

I don't have an agent ............... I do know it was not in the prudential floberg contract the prospective buyer's agent had printed out from their system.

Are you telling us that you're using the contract the BUYER's agent provided and not one developed with the SELLER in mind? Unless they are required to use a standardized or state approved contract, you have no idea what protections for a seller that may not be in their contract. It could be desigend with the buyer in mind and for their protection and benefit only.

[Riptide_NVN]

AFAIK the contract printed out of their computer system is basically the same either way. You are telling me they have two separate buy/sell templates based on whether they are representing a buyer or a seller? I realize the hand written details might vary but the basics of the form itself ought to be the same regardless.

[Informed Info]

Originally Posted by Rabrrita

Are you telling us that you're using the contract the BUYER's agent provided and not one developed with the SELLER in mind? Unless they are required to use a standardized or state approved contract, you have no idea what protections for a seller that may not be in their contract. It could be desigend with the buyer in mind and for their protection and benefit only.

That really is of no consequence if OP has a lawyer.

[Rabrrita]

Originally Posted by Sawdustmaker

That really is of no consequence if OP has a lawyer.

So why is the OP spending days asking here instead of asking the "attorney" they have? If the attorney is not involved at this stage, the seller can be screwed over in so many ways by the buyer.