as is sales
As-is subject to the probate code is what many buyers agents forget when they write offers. We always put this into the agent confidential remarks on MLS. A seller is under no obligation to repair anything on the California residential purchase agreement. Probate sales double-down, if you will, on the as-is.
Getting into contract on a probate sale and then attempting renegotiating the price later is not a smart idea. Probates generally are working with little to no extra cash and every penny is most often required by the administrator of the estate.
They would walk through the door expecting to love the home. They had already developed feelings for it from the moment they laid eyes on it, and were more likely to overlook a small defect. Buyers were much more positive and carefree. Why, they could fix that, their uncle could take care of that, their mom would help them do this. Not so today, I’m afraid. The mindset of home buyers has changed today.
Home buyers are cautious. They don’t want to get burned. They don’t want to make a mistake. When they enter a home, their first thought is not how utterly gorgeous we must own this, it is what is wrong with this home? There must be something wrong somewhere, and they walk through the tour looking for drawbacks that do not fit their objectives.
If they have their heart set on a kitchen with granite counters and stainless appliances, they are less likely to want to remodel a kitchen with ceramic counters and white appliances. Plus, you know, the flippers have ruined it for many of us as I hold flippers primarily responsible for the changing attitude of today’s buyers. But that and a dime won’t get me a cup of coffee.
When I spot a drawback that can cause a buyer’s emotions to move from the positive to negative, I convey that information to a seller. I also send my sellers showing feedback from other agents. Sometimes it’s a little thing that a seller can do to remove buyer objections such as painting a wall or replacing a light fixture. It is hard for a seller to believe that a buyer would, due to such small infractions a) not buy her home, or b) offer less than market value, but it’s precisely the small infractions that can get in their way.
That small fix might cost $200 but if it sells your home or returns an offer price of $5,000+ more, it might be worth considering. Because sometimes selling AS IS costs more than making a small improvement in the home. Perhaps try looking at it from the mindset of home buyers and ask yourself why wouldn’t you buy another home instead of this one?