Selling as-is? The buyers may still ask for concessions

Rob is newly retired and selling his long-time Ravenswood Manor home as-is. He quickly got an offer for the asking price. But after getting the home inspected, the buyer has a sent a list of repair requests.

He starts. Repairs? But this is an as-is deal! My Realtor said wouldn't have to fix anything. It's as is. No repairs! What is this list?

Rob, you're right. The contract is quite clear. The buyer isn't supposed to ask for concessions.

I continue. As for why? Sometimes home inspectors point out gas leaks or other problems that need to be corrected for safety. Or there are deal killers that the buyer may not have noticed when they made the offer Or, they buyers might think they are paying too much, so they try to ask for financial concessions.

What happens if I tell them to take a hike?

You can put the property back on the market. It will send a loud message to Realtors and their buyers that this as-is really means as-is.

I take a breath. But consider that if you re-list, no one can say how long it will take to get another asking-price offer. Plus, you may be obligated to disclose these issues to other buyers.

Disclose? If I point out problems, a new buyer would probably offer less, or demand repairs, or not even make an offer.

I won't sugar coat it. That may well happen. And those other buyers will probably do property inspections, too. Those inspectors may bring the same concerns forward. And maybe find more problems.

Jeez. I get your point. So, if another buyer raises the same issues, I may have to deal with them anyway...or lower my price.

Maybe, maybe not. Not all buyers see the same inspection findings the same way. Some buyers might willing to roll with them. Some might ask for more. We can't control or predict that.

Look Mike. I just want this sale done as soon as possible. What are my options?

Well, you've got two: One: Give them a hard "no" on these requests. And hope that they still want the property and agree to close. Or, two: offer a credit or a price adjustment to keep this buyer moving forward—as awful as that must seem.

Rob pauses. That's not what I wanted to hear, but food for thought. Thanks for breaking the options down.

As we hung up the phone, I was confident we would find a solution (and we did). But I share Rob's frustration.

As-is offers hardly ever go as intended. Buyers almost always ask for concessions. And many sellers don't fully comprehend this possibility, until they're staring at a list of demands. More and more, as-is is becoming only-if.

We specialize in helping real estate buyers and sellers manage as-is deals and inspection issues. When unexpected complications come up, we help clients find the best path forward, we like to call it the Wasserman Way.

Want to know more about as-is deals? Contact our office, we'd be happy to help.