The Real Estate Market is booming, and homes are selling faster and faster. Listings are spending just days on the market before they’ve been moved to pending or under contract. “As Is” sales are just as hot as many buyers are trying to make their offers look as appealing as possible to sellers to try and help their chances of getting either a counteroffer or acceptance.
While a full price offer was once considered competitive, in today’s market you nearly always have to offer above asking to get an offer accepted, and even then, you may still get out-bid. Luckily there are a few other ways that buyers are trying to purchase homes and up their chances of being the lucky winner of their dream home, the most popular is offering to purchase the home “As Is.”
When you offer to purchase a home “As Is,” that means that no repairs or credits will be asked for and you are truly purchasing the home just the way it is, regardless of the condition or repairs that may be needed. The only flip side to this is if there are any items that are found during the inspection that are health or safety related such as mold, live wires, etc.
Should a health and safety item be found, the seller of the home will either have to have the items fixed or offer a credit for the buyer to do so themselves. There are a few home loans, or all cash offers that may not require this, however, in most cases any health of safety violation will require immediate attention or credits to ensure the problem is fixed. It is important for both the buyer and seller to be aware of all possible outcomes when choosing to place or accept an “as is” offer.
Related: What is a Rentback?
From waived appraisals, above asking offers, all cash offers, as-is purchases, and more, it’s a competitive market for buyers. While seeing the highest price tag is generally one of the most appealing offers to accept as a seller, with so many contingency free offers, or offers to purchase the home “as it” in today’s market the highest offer, may not always be the best offer. Make sure to review offers carefully and whether you are buying or selling Real Estate, discuss all options in depth with your realtor prior to placing or accepting an offer on a home.
If you’re currently searching for a new home, are ready to sell your home, or if you have any general questions regarding Camano Island Real Estate, please feel free to contact our office at any time and we would be more than happy to assist you.