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Real Estate
Reply to "Asking for seller concessions on an "as is" sale with general inspection contingency"
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[quote=Anonymous][quote=Anonymous][quote=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.[/quote] 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.[/quote] 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.[/quote]
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