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"As Is" just complicates things, rather than clarifying.
It may be as simple as an older or remote seller who cannot handle details as they would like to. And the property may be an in very good condition and an excellent value.
IMO, the time to discuss how it will be conveyed is when there is expressed interest, not in the marketing as an inducement to not show the property.
1. I wouldn't personally put the words "as is" on a listing, but I think a lot of homes are sold that way. When there are plenty of buyers, a seller may not be interested in the repair list from a potential buyer. They've already put in a lot of work to get a house ready for sale, and the request are, well, petty things. Take it or leave it becomes the mantra. which is the same thing as saying "as is."
Exactly. Every house I have ever sold, I sold as is, but they was never advertised that way. The few times that prospective buyers made an offer contingent on us doing or fixing something, we countered with no contingency. Every house sold at that point or with an acceptable recounter.
Great Thread! I am about to list my Dad's house, I am the administrator of his estate, died with no will!! Anyway, the house is located in Mississippi and I live in Texas. I just want to sell the house which was built in 1983 and is in decent shape. Needs updating but no major issues, except maybe the Air Conditioning. My dad was a mechanic and just fixed everything, so it will prob need replacing by the new owner. I don't know what I should price it for. It recently appraised for 120K, 3 bed 2 bad 2000sq ft. There is no mortgage. Is there a standard % off for "as is" sales? Like should I take 10, 15, 20% off the appraised value if I am listing "as is"? Any help is appreciated.
Great Thread! I am about to list my Dad's house, I am the administrator of his estate, died with no will!! Anyway, the house is located in Mississippi and I live in Texas. I just want to sell the house which was built in 1983 and is in decent shape. Needs updating but no major issues, except maybe the Air Conditioning. My dad was a mechanic and just fixed everything, so it will prob need replacing by the new owner. I don't know what I should price it for. It recently appraised for 120K, 3 bed 2 bad 2000sq ft. There is no mortgage. Is there a standard % off for "as is" sales? Like should I take 10, 15, 20% off the appraised value if I am listing "as is"? Any help is appreciated.
There is definitely no "standard."
Get good local input from an agent who has handled estate sales for remote heirs before.
List it for 120K. Then the buyer will come back and want things fixed and you can counter with "no fixing, but I will take ?K off the price, depending upon what they want fixed.
We bought our house As Is. We actually had an unofficial inspection prior to putting in an offer so had a ballpark of the $ amount it would be to bring the house up to code, and adjusted our offer accordingly.
We will likely be selling our house As Is again when we put it on the market within the next 12 months. While major systems, plumbing and electric have been updated by us, and we will give it a fresh coat of paint prior to market, there are a few things that we won't be able to afford to fix or don't have control over fixing.
I also see it with what appear to be estates/downsizing. The seller is elderly and is being moved to Assisted living or a home and isn't up to coordinating XYZ. Or, the kids are selling their deceased parent's house and live 3 hours away and aren't going to be doing much to the house aside from emptying it and sending in a cleaning crew.
We listed 3 properties today that all went in MLS "as-is" for exactly this reason. Being sold by an estate and the heirs just want the properties sold with as little hassle as possible.
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