I'm curious as to how many times an agent has received a contract for an "as is" listing and soon after the home inspection, the buyer's agent sends over a list of 30+ requested repairs including, but not limited to, cosmetic repairs and minor repairs? I have sold numerous homes "as is" and it was always understood by both agents that the Seller can be asked to repair major items or safety-related items. Also if the loan is an FHA, Seller can be asked to repair FHA-related repairs.
What do you do when the other agent has told the Buyer that the Seller will "fix everything" if he/she wants to sell the home? Does this not make the signed "as is" addendum invalid? Is it fair to the Buyer if he/she is not told BEFORE placing the offer that the sale is "as is" and Seller will only be required to repair major mechanical problems and/or FHA-related (if applicable to loan)? Would this not be explained at the signing of this "As Is" addendum?
I think Buyers need to have all of the risks laid out to them when purchasing a home "as is". I have, as a matter of habit, always suggested to my Buyers that if they were going to have a Home Inspection done and the listing states "home inspection results cannot be used as a reason to cancel the contract", I have recommended if they Buyer is definitely leaning towards an offer, a pre-contract (Home Inspection BEFORE making an offer is suggested). That way if they discover numerous deficiencies in a foreclosure listing that would not be required to be fixed by the Seller, they can either chose to go forward with the offer or pass on the home. Those of us who sell a lot of foreclosures know that there can be a lot of minor repairs that can add up to a lot of money for the new home purchaser, especially if they are not handy or a do-it-yourselfer.
There is nothing more disheartening than seeing a 1st time homebuyer who, after putting down their hard earned deposit and signing the contract, discover the real meaning of purchasing a home "as is".
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