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How does as-is with an inspection for informational purposes only affect the standard sales agreement? Are the other contract deadlines and caveats still in play. Some agreements give set times to respond but if an inspection is considered a pure option that will not be responded to would that affect timelines or should all inspections be waived but still the allow buyer one for themselves.
OK so let's suppose a buyer gets past a suspicion that as-is hides something Really Bad about the house and agrees to a contract with inspections only for information.
So he does the inspection and...there's something significant. Significant enough that the price won't wash anymore. So he has two choices. He can walk. OR he can walk on this contract and come back with another offer...with repair requirements or price concessions. The as-is contract pushes him strongly in the direction of walking and not even talking.
The attempt to avoid negotiation after inspection is misguided. At least it is if you want the best price the property will support.
All house sales are "as is" unless negotiated otherwise. "Otherwise" means seller and buyer agree seller will fix x, y, and z.
So I'm not really sure what you're asking here. If the contract says "buyer will buy house no matter what inspection says" then if they uncover something really horrible they still have the option to walk leaving their earnest money behind, or they still have the option to withdraw their offer and make you a new, much lower offer - and if you refuse that, they can walk leaving their earnest money/deposits behind - but you'll have lost that sale.
Everything about the deal is negotiable and reversible right up to closing, with the proviso that the longer it goes, the more money the buyers will lose if they walk. But if buyers walk, you as the seller are back where you started, except that you've kept their earnest money/deposits.
Frankly, if I'm buying a house, a seller getting hinky about inspection contingencies would just make me inspect even more closely.
Depending on the condition of the house, “as is”, indicating a buyer who is not willing to make any repairs, can limit people who will need financing or who need the house to be immediately livable from even making an offer.
Seller will often only get offers from rehabbers and people looking to pay under market value.
An as is statement does not usually change timelines necessarily. If informational inspections are still allowed they would be 7 to 10 days. Buyer is not prevented from asking for repairs even on a home where the owners say they will not do them. If there is an inspection contingency buyer will still have the right to make an inspection response request. There just may be less expectation that such a request will be granted.
Interestingly enough I've bought three pre-existing houses without inspection contingencies and only one with.
One of the three I bought for the land, planned to tear the house down, did tear the house down, so that one's probably not relevant.
Two others I looked the house over, it was a red hot deal that needed to happen right then, bought it, paid cash, done. Did not find any surprises afterward, but I know something about houses.
The one with an inspection contingency the inspector found no issues that I hadn't already identified; and the one issue we'd both identified called for a structural engineer. I rated the risk much lower than the inspector did, and the licensed engineer agreed with me, not the inspector. No further surprises were experienced.
So while my experience isn't like those who've bought 30 houses, I'm not convinced the inspection is that big a deal. OP, if your house is in good condition and offered at a fair price, it should sell. If it's not, just disclose the issues right up front.
All house sales are "as is" unless negotiated otherwise. "Otherwise" means seller and buyer agree seller will fix x, y, and z.
So I'm not really sure what you're asking here. If the contract says "buyer will buy house no matter what inspection says" then if they uncover something really horrible they still have the option to walk leaving their earnest money behind, or they still have the option to withdraw their offer and make you a new, much lower offer - and if you refuse that, they can walk leaving their earnest money/deposits behind - but you'll have lost that sale.
Everything about the deal is negotiable and reversible right up to closing, with the proviso that the longer it goes, the more money the buyers will lose if they walk. But if buyers walk, you as the seller are back where you started, except that you've kept their earnest money/deposits.
Frankly, if I'm buying a house, a seller getting hinky about inspection contingencies would just make me inspect even more closely.
It's not so much about individual issues but dates and deadlines as much as anything. Are they negated if as-is and 'for information only' put into the sale agreement. There basically alot of old age issues once a contractor gets into will expand simple repairs and renovations so not doing. The house is livable and one keeps repairs simple it's fine.
As noted some are walking not even wanting to negotiate or do the exact opposite and nickel & dime everything. Had others waiting until the last minute. It's like they are purposely waiting and slowing down the process probably for a negotiation ploy.
As Is will scare many buyers away. Best just wait for an inspection and deal with any demands from there.
We did and all except one got back yet they appear most anxious for house. They also whined about no contingent or under contract before the first check. Sounds like a game/negotiation ploy. Maybe they don't want a higher bidder. A few more inspections but they literally waited until a few hours prior to deadline to email/inform realtor of issues.
I prefer an As-Is contract so that the buyer can negotiate for monetary concessions for issues found during inspections rather than be forced to accept seller repairs (up to the contract limits). The as-is contract in Florida has rather broad right to cancel during the inspection period should the seller not be willing to play ball. The standard Florida FAR-BAR contract gives the seller the right to make repairs up to 1.5% of contract price for each of WDO and functional deficiencies and hold the buyer in the contract. Every offer I've written in the last 20 years other than builder contracts has been As-Is.
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