Our team uses as-is contracts as opposed to the standard contract. Here are a few reasons why.
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During the process of a home purchase, a buyer is going to be allowed to inspect the home. With an as-is contract, the seller is not obligated to make any repairs to the property. However, the buyer is not required to move forward with the purchase if they don’t. The buyer can request credits, repairs, or a reduction in purchase price, which the seller can decline or accept.
The standard residential contract, on the other hand, works a little differently. The seller is obligated to make repairs to the property, whether they are general repairs, termite repairs, or repairs associated with closing out any open permits. This is usually negotiated based on a dollar amount.
“Repair costs can vary greatly.”
In my experience, we use the as-is contract 99% of the time. Here are a few reasons why:
1. The repairs and inspections can be subjective. You may have one inspector give an opinion about something that’s wrong with the house, and another inspector could come out, look at the same thing, and think that there is no issue. This goes for tradesmen as well.
2. Repair costs. There may be a discrepancy between the buyer and seller on how much a repair should cost. One repair company could give you one quote for $1,000, and another could come back with a quote for $3,000 for the same repair. Because of the confusion caused by this, we like using the as-is contract.
Hiring an experienced agent who can guide you through this type of situation is so important. If you have any questions for me about this topic or what I can do to help you if you’re thinking of buying or selling a home in Brevard County, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
