Blog

By Thomas Haught 

In my 23-year career, 2021 was the fiercest, most competitive year that I have ever seen for prospective purchasers of a home.  

We had homes that were listed at 9 a.m. and were under contract before noon on the same day, while the seller had multiple bids. We saw sellers receiving 20 or more offers in the first day of a listing. We saw purchasers offering to pay far greater than market value to try to lock down a property. While we do not expect this year to be quite as crazy, with mortgage rates still hardly above all-time lows, we do expect a robust year for the residential real estate market.   

Of the very large percentage of the contracts that my office received last year, the “as is” paragraph was initialed by both parties. Sellers generally were not interested in going under contract with any purchaser that was not willing to purchase the property “as is.” The only problem? In almost every case, neither the purchaser nor the seller actually knew what buying a property “as is” really meant. 

Sellers believe that if a purchaser agrees to purchase “as is,” the deal is done. Purchasers simply must get their financing in place, and we close. But this is not true.  

Purchasers believe that, despite “as is” being a very plain and simple turn, they can still do an inspection and request that the seller make repairs to the home prior to closing. For some reason, purchaser believe this is especially true if the inspection issue is related to a health or safety issue. 

Let’s dispel the myths right now. This is what “as is” actually means in the context of a real estate transaction: it means that purchasers can have a timely inspection done, by a licensed or certified home inspector, and if the purchasers are not satisfied with the condition of the property, based on that professional inspection, purchasers can cancel the contract and have their earnest money returned. That’s it.  Nothing more, nothing less. The purchaser is not actually locked into a contract and the seller does not have to entertain any requests for repairs or inspection credits. It is quite simple really and, I would argue, fair for both the seller and the purchaser.   

If you decide to seller your house “as is,” do not have the false sense of security that you have the purchaser locked into an unbreakable contract. If you decide to purchase a house “as is,” remember that you still have the right to have a professional inspection. If that inspection goes poorly, you still have the right to cancel the contract and have your earnest money returned.   

Gardi, Haught, Fischer & Bhosale, Ltd., has helped thousands of clients buy and sell residential and commercial real estate in the Chicagoland area.      

Client Testimonials

Jimmy Su

We just had great experience with Tom Haught and his paralegal Courtney Kropf. The communication is clear and fast. All emails were replied within 30 minutes. We will definitely work with Tom Haught again.

Sagar Kanabar

Jeannette Gonzales

Was recommended to them from my company. They did an excellent job and always answered all my questions. Were always upfront with all things and made sure I understood everything that was explained to me.

Ardus

We used the law firm during the sale of our house. We dealt with Mr Haught and Courtney, who made the process very smooth. They were professional, yet very friendly to deal with.I would not hesitate to recommend them to my family and friends.

vanissa colaco

Our immigration experience with Ann Fischer has been amazing! She has been meticulous, organized and worked on our case in a timely manner. Ann and her team went above and beyond to address all of our concerns and provide a personalized support which made a significant difference during our stressful time.I highly recommend her services to anyone seeking legal representation for their immigration matters.

Mike and Keeley Aulert

We have used Tom Haught for two home purchases and one sale over the years and continue to be impressed by his professionalism, responsiveness, and thoroughness. Reasonable pricing too. Highly, highly recommended.

Waseem Chaudhry

Gardi, Haught is one of professional firm, I have been with G&H since last 8 years in all legal matters.RegardsWaseem Chaudhry

Khurram Ghani

Tom and his dedicated crew recently helped me close on a commercial property, and I must say they did an exceptional job! Throughout the entire process, they were incredibly responsive, attentive to detail, and a pleasure to work with. Their professionalism and expertise made the transaction smooth and efficient. I am thoroughly impressed with their performance and definitely plan to work with them again in the near future. I highly recommend Tom and his team for anyone in need of real estate services!

Ryan B

I'd like to thank Gardi, Haught, Fischer, & Bhosale LTD and the whole Team! For amazing service. They made my selling experience fast, easy and at my convenience. I'm very thankful for the whole team over there. Their service meant alot to me and will be using them in the future. 10/10 !

Roberta Murphy

We worked with Tom and Courtney mainly on our recent closing. While it did not go as planned (all the other side’s issues) they did a great job keeping us informed and in track. Highly recommend.

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