Thursday, 19 October 2017

The Definition of "As Is"

Written by Posted On Tuesday, 08 November 2016 02:13

 

 

As a Realtors, we repeatedly hear sellers use the phrase ‘As Is’. What comes to mind when you hear the term? As a seller you may think it solves all your problems. Think again.

Seller’s lawyers continue to ask that it be noted that the sale is As Is, although it has been built into the contract.

Specifically, the CAR purchase agreement, the most utilized contract in California, states under Section 11, “Condition of Property:Unless otherwise agreed in writing: (i) the Property is sold (a) “AS-IS” in its PRESENT physical condition as of the date of Acceptance and (b) subject to Buyer’s Investigation rights: (ii) the Property, including pool, spa, landscaping and grounds, is to be maintained in substantially the same condition as on the date of Acceptance, and (iii) all debris and personal property not included in the sale shall be removed by Close of Escrow.”

This doesn’t mean the seller does not need to provide the buyer with inspections, although they should be prepared for unexpected results should they choose not to. Also, unless the buyer has removed their property contingencies, this does not mean that the buyer cannot come back to the seller and ask to amend their offer amount or ask the seller to make repairs. The seller also has a right to reject either of those requests. It is always advantageous to all parties that the seller conduct and provide a copy of inspections, and for the buyer to conduct their own. An investment of around $700 is not significant in comparison to a home that could potentially fetch over $1M, wouldn’t you agree? I always encourage
my sellers to do so for a variety of reasons.

Disclosing any major issues with the condition of the home will give the seller a more realistic expectation on what their home will sell for, and prevent needless re-negotiating of the contract, in addition to thwarting potential lawsuits down the road. Nobody likes surprises, especially those that don’t work in your favor!

 

As always, when in doubt, consult your Realtor.

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Lisa Wiseman

  

 

A Silicon Valley Native You Can Trust...

A local Bay Area native who grew up in Cupertino and a resident of Almaden Valley, for over 25 years, Lisa has been a full time Realtor for 11 years with Intero Real Estate Services, a premier Silicon Valley company.

Prior to her career with Intero, she had successful careers in the pharmaceutical and grocery industries that assisted in sharpening her sales and negotiating skills. Once her career in real estate began, it became clear that real estate was her true passion. "I work tirelessly to help both my sellers and buyers achieve their real estate dreams, delivering the best customer service possible. I believe that my clients deserve a tireless advocate during the process. I receive great satisfaction from assisting home buyers and sellers, whether assisting seniors and their adult children with resources to sell the family home and downsize, handing the key to excited first time home buyers, or assisting investors with 1031 investments or flips. I am committed to providing my clients with the knowledge, negotiating skills, the latest in high tech home buying or selling, educating you on the home process, and whatever is required in partnering to achieve their goals. Entertaining children so clients are able to view homes, and checking up on home bound seniors is all part of the work I love. The sale and purchase of your home or investment property is the most important sale and purchase you can make, and it should be treated that way."

As a Seniors Real Estate Specialist(R), our team is experienced and knowledgeable in meeting your specific needs. And that can make all the difference in the world. Moving can be very stressful and overwhelming, particularly for seniors and their families. We assist seniors and their families with their personal downsizing or aging-in-place needs in the sensitive and caring manner needed to transition during these difficult changes. We are accustomed to working with the most difficult of family dynamics and situations at a very trying and challenging time to make this as smooth a process as possible.

 

Whether you’ve lived in your home 2 years or 20 years, you know it’s not just a shelter, or even another investment. It’s the place where your dreams come to life. In flower gardens and family rooms. Backyard barbecues and home-cooked Sunday dinners. It’s the place we raise our children. The nest we nudge them out of, and welcome them back to again and again. And for some, it’s even our place of business.

But there comes a day when it’s time to move on. Time to reflect on old memories, and build new ones. Time to leave the past behind for a new future. It’s no wonder why selling a home is often emotionally charged and potentially overwhelming. I understand. That’s why I am dedicated to making your transition smooth and care free as possible. Helping you make the process simpler. Helping you save money, and avoid costly pitfalls.

Let me be your advocate...

Lisa

www.SiliconValleyHomesByLisa.com

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.

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