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Thursday, August 20, 2009

“As Is” means Seller may still makes repairs….

Let’s say a buyer makes an offer on your home which is for sale. In his offer he is asking for you to agree to make up to XXX dollars in repairs should the inspection reveal problems.

Suppose you agree to the offer except for the repair allowance (selling “as is”). Suppose the buyer agrees to this change.

Now after the inspection is done the buyer wants repairs done.

Nothing extensive (light will not come on)…clue, it is a light bulb. Screen is missing (it is in the garage as the window that is missing the screen is actually inside a screened pool enclosure…clue, if you want the screen in the window, place it there).

Why would a buyer offer this request after agreeing to an “as is” contract? Because it is a buyer’s market,especially in Brevard County, Florida.

The market will change one day. The prices will rise again (they always do). Buyers will lose deals because they do not offer enough. Buyers will lose out because they will have to make repairs themselves as sellers stick to their guns and “as is” will mean “as is.”

The market will change one day. Until then, buyers will probably have repairs made. Unless they are buying a short sale or REO/foreclosure properties.

Buying or selling a home in Brevard County, Florida and need professional representation, call me.

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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