Debunking the "sold as-is" myth

A home that was sold ‘as-is” where Kharmika represented the seller. I wrote in the agent remarks, what the seller’s preferences were instead.

Buyers beware

All homes are sold as-is in the State of North Carolina. Our state is known as a caveat emptor state. Which is latin for “let the buyer beware.” In practice this phrase means the buyer is responsible for investigating the quality and suitability of the home they are buying. Sellers are required to disclose known defects of the property and the seller’s real estate agent is required to disclose material facts that they should reasonably know about. Material facts are details about the home that are important and relevant to the transaction. Think leaky roof, broken water heater, standing water in the crawlspace, etc. The seller is not required to make repairs. Even if these details are later revealed during the inspection.

However, buyers are entitled to ask the seller to perform repairs before closing, or provide financial concessions in lieu of repairs at the time of closing for the buyer to use for repairs. Buyers can also decide not to buy based on their findings. This is one step in the transaction where real estate agents are helpful. If the goal of both parties is to sell a home, then presumably both sides can achieve this goal by negotiating the points most salient to each side. There is always room for negotiation. Even in a market that strongly favors sellers. You may know of buyers that want a home so badly, they will waive all their leverage up front in order to have the winning offer: meaning quick close, no due diligence period or inspection period, and a sizable due diligence fee. Even after doing this, buyers still have the right to ask sellers for things. The seller can and will likely say no. But there is a chance they say yes!

Stock image from Unsplash.

Write stupendous listing remarks when selling your home

“Real estate agents that have been in the business for 40 years” tell me that they announce the home is being sold as-is because the seller doesn’t want to make any repairs. Or the seller doesn’t plan to make any repairs. Well, what seller wants to make repairs? What seller doesn’t want the quickest, most painless, most profitable sale ever? Writing “home sold as-is” in the agent remarks or public remarks is redundant and a waste of space. Sellers will be better served by sharing the home’s best features in the public remarks and using the agent remarks to explain what's important to the seller in the offer. Sellers should tell the listing agent their most important goal of the sale. For example, do they want to sell for the most money? Do they want to sell without making any repairs? Do they want to sell quickly? Do they want to sell quickly and then remain in the home for two months? They should also use the agent's remarks to share less amazing or captivating details about the home that are still important. 

Create a winning strategy to get the most out of your home

There's a major misunderstanding in our current market that a house in any condition will sell without any regard for a proper pricing strategy or disclosure of material facts. Pricing strategy is important even in a market that favors sellers. I see examples of this all the time where homes are listed at a high price and have very noticeable issues that the sell side seems to know nothing about. These homes do stay on the market longer and are more likely to return back to the market. Be a savvy seller and get the most out of the sale of your home.