Gardi, Haught, Fischer & Bhosale LTD.

Despite competitive real estate market, a house selling ‘as is’ can still be inspected

By Gardi, Haught, Fischer & Bhosale LTD
February 26, 2022
commercial real estate

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.      

Request A Case Evaluation below. Request A Case Evaluation

Request a Consultation

heading-bottom-graphic

related articles:

heading-bottom-graphic
Category

Client Testimonials

heading-bottom-graphic
I worked with Ann Fischer, not once but twice for my family's immigration visa needs. Both the experiences were immaculate. For those who may want services, I would encourage you if you are in need of the best in class, hasslefree and quality services.I could not have asked for anything better.Thank You Ann Fischer (Gardi, Haught, Fischer, & Bhosale LTD). You were fantastic on both the immigrant visa applications (2021-2023) & (2023-2025).When I started the search, I narrowed down between three immigration attorneys and I am glad I crossed path with the best in their domain.Below is how my experience was in each bracketQuality of Service * * * * * (5/5)Responsiveness * * * * * (5/5)Approachable * * * * * (5/5)Explanation * * * * * (5/5)Timeliness * * * * * (5/5)Consultative * * * * * (5/5)Peace of Mind * * * * * (5/5)I will definitely recommend anyone, looking for their immigration needs.
Gardi, Haught, Fischer & Bhosale represented us in a recent R/E closing. Everything went very smoothly between the back office & the other parties. We were informed & the whole process was made simple. I would recommend this firm for all your R/E transactions. 10 out of 10.
Took the time to answer my questions
Our team partnered with Gardi, Haught, Fischer, & Bhosale LTD. on a recent transaction, and we appreciated their dedication and professional approach to closing the deal. We’re looking forward to more successful collaborations ahead
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.
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.
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.
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.
js_loader