I was involved in several sales last year, representing buyers, where the listing agent expressly pointed out out that the sale was “as-is” and the sellers would not make any repairs and had priced the home to reflect possible repair work needed.
Well, first off, the contract used by virtually all Realtors in the state of California already denotes in section 11 that the property is sold “AS-IS”. The issue has to do with what is known(and just as importantly, how they came across to know the condition) and disclosed by the sellers to prospective buyers before any offer is written. Most buyers don’t have x-ray vision and can’t see through walls to ascertain the condition of the plumbing or know what electrical outlets aren’t grounded.
Ideally, to sell a home “as-is”, with no repair work or closing cost credits or purchase price reduction in escrow, the seller should undertake a professional home inspection prior to placing the home on the market. Once an offer is ready to be written up, that prospective buyer should be provided the inspection report. This will save much time and a lot of bickering and back and forth among all parties and ensure a smooth and relatively hassle-free escrow.
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