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Despite that, however, we’ve seen some buyers get nervous if they see “as is” on a real estate listing. Often, they worry there is something’s wrong with the house,
There are some amazing homes in Johns Island, SC. It’s one of the prettiest and safest towns in the Charleston area, with a great set of schools—and buyers are usually keen to find a good deal
The answer may be surprising. Although you need to take extra care in considering a house sold as is, it can also be one of the best deals available. And “as is” doesn’t necessarily mean there’s something wrong with the house. It usually just means the seller doesn’t have spare cash to put into repairs or renovation. Here are a few advantages to bear in mind when considering a house as-is:
“As-is” doesn’t mean the seller has something to hide. It means they aren’t paying to fix things. Most of the Johns Island, SC houses we see allow home inspections, whether the listing says “as-is” or not. Unless the seller specifically says no inspections (which is rare), you can still make your offer contingent on the inspection results. If there is a flaw in the home, you can find it.
In real estate you should translate “as-is” to mean, “We won’t pay for repairs.” That sounds like a bummer, but it can work to your advantage. Identify any major repairs you would normally ask the seller to cover, and instead factor the costs of these repairs into your offer price. This can be much easier for the seller to swallow.
By law, sellers can kick in up to 6% of the total sales price toward closing costs. (Your lender may cap this at 3% depending on your down payment.) This is called a “seller credit” and it doesn’t hurt to ask for one. Again, this is a way for the seller to make the home more appealing without paying cash out of pocket.
Remember that other buyers are just as hesitant when they see “as is” on the MLS remarks. That means less competition for the house.
can mean a better price. “As-is” sellers are often (but not always) under pressure to sell. Frequently an “as-is” home is part of an estate sale and the heirs just want it done with quickly. If you can accept making some repairs yourself, you can get a great deal on an “as-is” home.
You should certainly proceed with caution on an “as-is” listing (like any other home), but don’t write these listings off altogether.
