Real estate consumers are often familiar with the term as-is. This may be a useful term for sellers, but it is critical to understand how a buyer might react to it. Here is some important information on listing your NH home as-is.
What As-Is Means
As-is indicates that a home is being sold in its existing state. This covers any problems that may exist, whether those problems are obvious or not. Buyers must perform an inspection to fully understand any problems before completing the purchase. Based on past lawsuits involving as-is terminology, the explicit interpretation may actually differ by state.
Disclosure of Property History
Regardless of whether an as-is clause applies to a property sale, sellers have a obligation to share any material defects. The use of as-is does not empower home sellers to hide defects. This is critical to note.
How Buyers Might React
Coming across the term as-is in a home sale is usually intimidating for home buyers. Many believe that it must have large-scale concerns. Home buyers willing to purchase a home as-is will often offer less to reflect the as-is condition. Buyers may consult with an attorney if they have concerns about their risks in regards to the use of as-is in a contract.
Seller Advantages of As-Is Conditions
Sellers frequently want to use the condition as-is to simply disclose that they do not plan to complete any work on a home prior to closing. However, from a legal standpoint, the meaning goes beyond that. It is clearly helpful to a seller since it offers shelter against future claims from that buyer. For buyers, it is typically a red flag and they must move forward with care.
Should You Consider Listing Your NH Home As-is?
This is not really an easy question. Consult with your listing agent about listing your NH home as-is and whether it makes sense. He/she may also tell you the affect it can have on sale price. If you are not already working with one, call Customer Service at Accurate Title at 800-639-4405.