What Does an "As-Is" Real Estate Sale in Florida Mean?

Whether you are selling a home in Trinity or New Port Richey Florida or you are buying a home in the New Port Richey Florida area, the term "As-Is" is used quite often in regard to the terms of the sale and the contract used in the purchase of the home.  In Florida we have a purchase and sales contract that is an "As-Is" contract and it is the most commonly used contract in our area.  The main reason being that Florida is a Transaction Broker state. That means that the real estate Broker for the seller and the Broker for the buyer have non fiduciary responsibility to the customer. In essence, we are both working to protect all parties to the contract and facilitate the sale of the property. Transaction Brokers are not held to full disclosure as a single agent would be and we work together to satisfy the needs of the customers (seller & buyer).  The As-Is contract is the most even and fair transaction contract to both the buyer and the seller and it the contract most preferred by the customers.

Contained in the contract is a right to inspections clause. This states that the buyer has the right to have the home inspected by a licensed home inspector, pool professional, roofer, plumber etc... during a specific time frame and decide whether or not the home has any major defects and the buyer may cancel the contract and receive their escrow deposit or "good faith deposit" provided they notify the seller in time.  The buyer may also at their discretion  cancel the contract based on the condition of the home based on inspection and they are not required to use a licensed inspector to do so but, they do have to adhere to the time frame in the contract. The buyer can also ask that some items be repaired prior to closing and if they buyers financing requires the repair, it would behoove the seller to make the repairs. FHA financed buyers can include the FHA addendum with repair amounts to an As-Is contract for purchase.  This is why the listing real estate Broker will evaluate the home as to whether or not it will pass an FHA inspection. If not, the home is not offered with an FHA financing option. 

As-Is does not always mean, take it or leave it. In some cases of a foreclosed home or and inherited property that may be the scenario and if you are selling a home and not willing to do repairs, you should price it accordingly and offer it to only cash buyers. You are still legally required to disclose any material defects, not readily visible to the buyer that may affect the value of the property on an "As-Is" sale.  

Generally, when a home is for sale "As-Is" it is understood that the seller is not going to make cosmetic improvements to the home in order to satisfy the buyers personal taste. The seller will usually not want to paint rooms or replace carpeting, sod, new a/c etc... but keep in mind that "As-Is" does not mean that the home has a defect and more often than not, the seller will make reasonable repairs in order to satisfy the buyers financing requirements.

I am always here to answer any questions you may have reading selling or buying a home in the New Port Richey Florida area. Contact me anytime to discuss your real estate needs. 

How Much Do We Offer on The Home We Want?

Searching for a new home is an exciting time and

once you find that prefect house to make your home, you may be unsure about how much to offer on the house.  Often times if you really want the home and if the local housing market is moving quickly you may want to make a full price offer providing it is a realistic price.  Your Realtor(R) can advise you in this area.  We cannot tell you how much to offer, but we can advise you on the market conditions and what comparable homes have sold for.

I give you what is called a quick cma. This is a less flashy Comparative Market Analysis that only shows you the statistics of what has sold and what is currently under contract.  This quick cma will give you a snapshot of the local market and what the maximum, average and minimum sales prices have been in the last 3-6 months.  We will be cautious to not go back further than 6 months since the market in our area of New Port Richey & Trinity Florida is increasing and if we look at data that is too old, your offer may be inferior to another persons offer and you may not get the house.  Ideally, I will show you local real estate market activity for the last 3 months. This is something that any real estate agent should be doing for you when you are thinking about how much to offer on a home. 

One important aspect of the Comparative Market

Analysis (commonly referred to as a CMA) is the days on market of the homes in the report.  Generally speaking, a home that has been on the sales market for a longer period of time than other homes will most likely sell for less money than other homes in the neighborhood. Looking at the days on market can help you decide how much to offer on the home you like.  I always meet with you for a consultation to go over the data in the reports so you can make an informed decision on how much to offer. My job as your real estate professional is to make sure you get the home you want at a fair price and I take that part of my job very seriously. 

When a homeowner lists their home for sale, they also review a Comparative Market Analysis to evaluate the right asking price for their home. The report they see will be almost identical to the one you see provided both Realtors(R) prepared there reports properly. This is why I say that often times you may want to make a full price offer to be sure you get the home that you want.  The seller has most likely priced the home in a fair price range based on the CMA.  Our local Real Estate market in New Port Richey and Trinity Florida is a sellers market and with that variable added to the equation your ability to make a lower offer or a low-ball offer (thats a super low offer) may not get you the home.  Recently I had buyers who balked at list prices of homes and every one of those houses went under contract and sold. Listen to the information that your real estate agent is giving you.  Don't lose out on the house! Contact Me online anytime for more information about how much to offer on a home or home much you should ask when selling your home in Port Richey, New Port Richey or Trinity Florida.