Today we want to talk about truth as it relates to contracts. The truth is that as contracts do not mean the same thing to the buyer and the seller.
https://www.youtube.com/watch?v=evjj4-nzdem
The agreement was launched during the forecast crisis. Lenders put foreclosed properties on the market and sold them at low prices. Prior to this, agents mainly used standard contracts. A standard contract from inspection allows for mandatory repairs by the seller. The AS-IS contract has no such clause.
As is the truth about contracts
Sellers believe that when they sell their home, the deal is done when they agree on a price. The seller has no obligation to fix anything and the buyer has the right to withdraw from the contract for any reason during the inspection period. The seller must still disclose all known defects, as with a standard contract. This is where everything changes.
Today buyers are using as 2 as contract 2N.D Cut the apple in negotiations. The seller intends to sell at a certain price. When the inspection report comes with the contents, the buyer asks the seller to repair or replace certain items. In many cases, buyers are simply asking for a repair credit. If the seller refuses, the buyer can accept and stay in the contract, or back out. It’s important to note, the buyer can return without even asking for repairs or credit.
Advantages of a standard sales contract
A standard sales contract includes automatic repair limits, and is specific about what items are covered. Many cosmetic items are known at the time of showing and are not covered for repair costs. The standard contract removes the buyer’s automatic right to cancel the contract. Some sellers prefer a standard contract because they know they have a sale at the end of the day. As with a contract, you sweat it until the inspection period ends.
Pending emergency status
When a property is sold using an AS-IS contract, it is listed on the MLS as a pending emergency sale. We should define what an emergency is. Buyers don’t realize that other buyers may offer backup, or express interest if something happens to 1.St Offer if 1St With an AS-IS sale contract, if the buyer asks too much, the seller may reject the demand and move on to another buyer, perhaps willing to pay a higher price. The buyer should be careful how they state the request if they want the property regardless of the seller’s decision regarding the repair request.
The bottom line is the buyer and the seller have two very different views of what this contract means. One thinks it’s final, and the other sees it as a point of negotiation. Sellers who didn’t want to be forced to make some repairs sometimes regretted going through with the deal later. If there are unexpected issues with the home the buyer wasn’t aware of, chances are the seller is paying attention.
House to sell?
If you have a home to sell, call Sunday Ellis or Brett Ellis 239-310-6500 We can discuss the pros and cons of different contracts and help you decide which one is best for you. The Ellis team has sold thousands of homes in SW Florida and has a wealth of experience. We can help guide you through pricing, repairs, inspections, timing and other important aspects of your sale. In times like these, experience matters.
Or visit www.swflhomevalues.com to get an instant value on your home. Later we can validate it and decide the best price to get you top dollar.
Good luck, and happy selling!
