Property sellers marking their property to be sold “as is” is becoming more popular in the current world of real estate. When a property is marketed to be sold “as is” it usually means that the seller is unwilling to make any repairs or renovations to the property.
Selling a property in “as is” condition is growing in popularity on many real estate listings due to the housing market. This is due to the housing market’s current strength and low inventory in current conditions. Buyers that are considering buying an “as is” property should conduct a full inspection of the condition of the property. Because “as is” condition tends to not usually be the best, and the buyer should keep in mind that potentially expensive repairs may be required.
At times, “as is” can refer to the pricing of the property being priced as is which tends to be lower than the market price for the area. In this context, the price is lower than the average and tends to be non-negotiable. It is rare, however, to see as is used in this context in current market conditions.
Last but not least, “as is” could refer to the condition the property is in at the time the offer was published. Should anything thing occur to the property that could affect its physical condition such as a hurricane between the listing and sale time, the seller would need to make a decision. Either refund the buyer or pay for repairs to return it to the “as is” condition as it was listed. Using “as is” context is exceedingly rare in this context.