What Central Ohio Home Buyers Should Know About “As-Is” Listings - Columbus Ohio Real Estate | Buyer's Resource Realty Services

What Central Ohio Home Buyers Should Know About “As-Is” Listings

What AS IS means to Home BuyersWhen browsing homes for sale in Central Ohio, you might find a listing marked for sale “as-is” or “as is, where is.” Typically, this is seen as a red flag that can send home buyers running. But in a market where homes are in limited supply, these properties can be worth a closer look.

“As-is” is the ultimate “caveat emptor” situation is real estate. (Let the buyer beware!) When a home is for sale “as-is,” it means the seller is not going to make repairs, or offer any credit towards repairs. However, the seller must disclose any material defects about the home that they know about.

If the property was never lived in by the seller, he or she is not required to complete a property disclosure form. Defects known to the seller must still be disclosed. And there is an Ohio Residential Property Disclosure Form, but it is not very thorough.

In some cases, an “as-is” seller may still allow a buyer’s home inspection for informational purposes and we insist on it for your protection. Our Buyer-Clients still have the ability to terminate the purchase offer due to the findings in the inspection report.

Exceptions: properties that have been seriously damaged or neglected may not allow walk-throughs or interior inspections, for safety and liability reasons. These properties are best left to professional investors.

A listing with an “as-is, where-is” stipulation could have a location issue as well as home condition issues. The “where-is” clause could mean the home is in a flood zone, or that the property is not in compliance with local zoning. In other words, the property location itself, or the property title, could have a defect.

Sometimes a home seller employs an “as-is” stipulation to prevent re-negotiations that may otherwise occur after the buyer’s home inspection. The property may be outdated or need some amount of repair, and the seller may lack the time, energy or means to tackle the issues. Saying “as-is” can alert buyers that price reductions or seller credits will not be offered, no matter what the home inspection may turn up. However, termination of the contract is always an option and just may compel the seller to make a concession!

Your best bet in these situations is to work with an Exclusive Buyer’s Broker! We can review the listing notes in our broker-level access of the MLS, and investigate further to get a better sense of the issues. And because we act in a fiduciary capacity for our Buyer-Clients, we will always share information that is material to your interests!

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

Previous post:

Next post: