You may be asking yourself, 'So what does a sale as-is really mean?' Here’s a quick and easy breakdown to help you understand the way it works.
When a home is being sold as-is, the purchaser can not force the seller to make any repairs. You can still ask for repairs and even cancel the contract; you simply can not force their hand.
In a “regular” sale, when a home is not being sold as-is, there are certain things in the home that have to be in normal working order no matter what. Those items include all plumbing, electrical, heating, and AC fixtures, plus appliances and smoke detectors. So, in a regular sale, if you discover one of these items is not working properly, the seller has to fix it; no negotiation required.
The reason as-is sales can seem so confusing is because most people are accustomed to making an offer on a property, negotiating the price, and then dictating what they expect to be fixed as a condition of the sale.
Virginia law mandates that the buyer of a property be prohibited from forcing the seller to make repairs to a property as a condition of the sale.
When you’re trying to sell your property, all you care about is getting it sold at the highest possible price. The ins and outs of Virginia law might seem to be inconveniencing you, but this obstacle is easily overcome.
No property is perfect. While you might think your property comes pretty close to the mythical definition of perfection, the reality is that it does have minor flaws. In other cases, a property could have serious deficiencies.
This is most common in properties that are known "fixer-uppers," estates, REOs, and short sales. If this is the case with your property, realizing it ahead of time can help prepare you for what will come.
There is, however, a way to avoid or, at the very least, to minimize, the chances that this could happen to you. You could spend the money to make repairs to any deficiencies that you know your property has. You know your property better than most. You know which faucets leak, and you’re well aware of how inefficient the furnace is in the winter.
You might decide to be proactive in making obvious repairs that you know could affect a buyer’s willingness to purchase your property. If you do, the repairs could improve the appeal that your property has with a potential buyer. This could possibly help your property to sell a little more quickly, but there are no guarantees. At the same time, you might decide that your property is a money pit that has sucked one dollar too many out of your pocket – and you’re willing to take the chance that your property might take a little longer to sell, and at a lower price.
Regardless of what you ultimately decide to do, you are in the driver’s seat. A buyer can ask you to do certain things, but you’re not required to do them. It’s entirely up to you. Only you know what you’re willing to do to get your property sold. Just be sure that your real estate agent is aware of what you’ll do. This will enable your real estate professional to represent you to the best of their ability.
The home buying process can often be confusing, stressful and unfamiliar to many people. If you're interested in learning more about how you can recieve a rebate for selling your home, feel free to contact us below and an agent will get in touch with you as soon as possible.