Las Vegas Real estate
DID YOU KNOW?
By April K. Wright
When a home for sale is offered “As-Is”, what does that mean? To sell a home “As-Is” simply means that the home is being sold in its current condition, with the understanding that no repairs will be made by the seller. Depending on the seller, this may mean they have financial restrictions which do not allow them to assist with repairs or they’ve simply maintained their home and perceive it to be in good condition. It should be clearly stated in the purchase contract if the seller is not doing any repairs. Either way, this does not relieve the seller from their legal obligation of disclosing to the buyer any issues past or present with the home. In Nevada, the seller is required to provide the buyer a Sellers Real Property Disclosure; identifying any known defects with the property. Selling as-is does not mean non-disclosure. There are some disadvantages a seller may want to consider before marketing their home “AS-IS”.
- It may send a red flag to potential buyers that there is something wrong with the home and they will perceive the home negatively.
- Buyers may feel the home is not worth the asking price and offer much less.
- The seller may risk driving away potential buyers. On the flip side, this should not deter a buyer from negotiating an offer to purchase a home marketed as-is. This may be a good opportunity for a buyer to avoid competing with other buyers in the market.