Asking for seller concessions on an "as is" sale with general inspection contingency

[Anonymous]

"As Is" is a marketing term, not a legal term. It suggests the seller wants to close without lengthy negotiations. The buyer gains a bit of flexibility in price because of this.

[Anonymous]

There are also things that are required to be in working order - the heat. If the furnance is not-functional they need to fix it - even if they say as is.

[Anonymous]

Anonymous wrote:There are also things that are required to be in working order - the heat. If the furnance is not-functional they need to fix it - even if they say as is.

Not anymore. The Regional Sales Contract completely changed a couple of years ago.

[Anonymous]

Anonymous wrote:"As Is" is a marketing term, not a legal term. It suggests the seller wants to close without lengthy negotiations. The buyer gains a bit of flexibility in price because of this.

Tell that to every single bank which insists on putting "Property Sold As-Is, Where-Is" in the contract when they sell their REOs. When it's in the listing, it's a marketing term. When it's in the contract, it's a legal term.

[Anonymous]

We bought a property "as-is" but with the inspection clause in place so we could walk away if we needed to.

It turned out the VA sent their own inspector and ordered a shed be removed because of lead paint--and that had to be done for them to approve the loan. We were willing to pay, but the seller just went ahead and did it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:"As Is" is a marketing term, not a legal term. It suggests the seller wants to close without lengthy negotiations. The buyer gains a bit of flexibility in price because of this.

Tell that to every single bank which insists on putting "Property Sold As-Is, Where-Is" in the contract when they sell their REOs. When it's in the listing, it's a marketing term. When it's in the contract, it's a legal term.

It may be truly "as is" when banks sell their REOs, but when a seller markets a house "as is" and then accepts an offer that includes a general inspection contingency, they are giving the buyer negotiation leverage. Crappy inspection --> buyer considering walking away --> buyer has leverage to ask for some additional concession, because as a PP said, bird in the hand, etc.

[Anonymous]

Anonymous wrote:I don't get why OP would think the seller should negotiate when she entered into an as is contract. OP, what on earth do you think as is means?

It never hurts to ask. From the sellers' perspective, giving a credit or something might not be as bad as having the buyer walk away. Buyer might be doing sellers a favor by putting the question to them rather than just walking away without looking back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:"As Is" is a marketing term, not a legal term. It suggests the seller wants to close without lengthy negotiations. The buyer gains a bit of flexibility in price because of this.

Tell that to every single bank which insists on putting "Property Sold As-Is, Where-Is" in the contract when they sell their REOs. When it's in the listing, it's a marketing term. When it's in the contract, it's a legal term.

+1. It was in my contract (a bank sale) and pretty clearly legal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:"As Is" is a marketing term, not a legal term. It suggests the seller wants to close without lengthy negotiations. The buyer gains a bit of flexibility in price because of this.

Tell that to every single bank which insists on putting "Property Sold As-Is, Where-Is" in the contract when they sell their REOs. When it's in the listing, it's a marketing term. When it's in the contract, it's a legal term.

It may be truly "as is" when banks sell their REOs, but when a seller markets a house "as is" and then accepts an offer that includes a general inspection contingency, they are giving the buyer negotiation leverage. Crappy inspection --> buyer considering walking away --> buyer has leverage to ask for some additional concession, because as a PP said, bird in the hand, etc.

The standard bank contract for an as-is foreclosure I signed when I bought my house included an inspection contingency. I had the right to cancel based on the inspection (and I only had a few days not the standard 2 weeks) but not to negotiate.

[Anonymous]

As is is pretty clear. If you want to negotiate, go ahead, but it's cheap/silly of you. The advertised price is as is.

[Anonymous]

Anonymous wrote:Who does this? How is it done? Who has success or failure stories?

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We had an "as-is" with a general inspection contingency, so we could still walk away. We presented the sellers with our own internet researched estimates for some repairs. They gave us a credit at closing. This was in spring of 2012. I'm not sure I would try it now.

[Anonymous]

Anonymous wrote:As is is pretty clear. If you want to negotiate, go ahead, but it's cheap/silly of you. The advertised price is as is.

Agree. Because when you're buying a house, it's better to take a bath on unexpected repairs than to appear "cheap/silly."

No harm in asking!

[Anonymous]

Anonymous wrote:"As Is" is a marketing term, not a legal term. It suggests the seller wants to close without lengthy negotiations. The buyer gains a bit of flexibility in price because of this.

I don't think that fits all "As is" situations. Surely not where seller's can be patient.

[Anonymous]

Anonymous wrote:

Anonymous wrote:As is is pretty clear. If you want to negotiate, go ahead, but it's cheap/silly of you. The advertised price is as is.

Agree. Because when you're buying a house, it's better to take a bath on unexpected repairs than to appear "cheap/silly."

No harm in asking!

Seriously! If it's enough to make you walk away, the seller's agent will have to tell the next buyer why. Then seller is in the same spot.

[Anonymous]

Depends on if the house is hot or not.