Chicago Real Estate
things to consider before buying or selling
Of all the attention-grabbing terms to be found in Chicago listings, “as-is” ranks right up there near the top of the deck. Intentional or not, it carries a pronounced dramatic aura. Contractors see Chicago “as-is” listings as calls to action. House flippers’ pulse rates quicken when they come across it. For most typical prospective buyers, on the other hand, the same term triggers furrowed brows and a hasty move onto the next listing.
“As-is” carries shades of meaning with legal implications, but in general, it simply signals to the world that the seller is not interested in improving the offered property. If something needs to be fixed, it’s up to the next owner to handle it. For that reason, Chicago as-is listings are nearly always accompanied by bargain asking prices.
The unique impact of the term isn’t due to what’s stated, but to what’s implied. It’s hard to escape the suspicion that something must be haywire with the place! That is where even more drama can develop—because that’s not necessarily the case. It could signal an all-time genuine world-class homebuying bargain!!!!! That would be the case if, for instance, the seller is simply eager to move on, and figures that the combination of “as-is” plus an appealing asking price will trigger one or more serious offers in a hurry.
But it’s also possible that the seller, having detected telltale signs that could signal major maintenance issues to come, lacks the wherewithal to tackle a worst-case scenario. He may be required to divulge what he knows—but the possible speculations are up to the buyer. The glass could be half full, or…?
The drama of the as-is listing can have a pronouncedly undramatic second act—which will be the case when I am your buyer’s agent. This wet blanket of an approach is known as the home inspection contingency. Even though it removes much of the casino-like excitement from the ensuing action, it’s seriously recommended for even the most optimistic of buyers. The $300-$500 that an experienced Chicago inspector will charge is the best way to detect what, if any, major defects are likely to turn up—allowing for some realistic bottom line calculations. When included as part of any offer (as-is or not), this properly worded contingency provides would-be buyers an economical exit if the resulting calculations reveal a non-bargain.
Having a dedicated Chicago agent on your team is how to remove the drama when you’re buying or selling a home—but it can also mean safety when uncovering true Chicago home buying bargains. Buying or selling, as-is or not, I’m here to help!
I am a Chicago Real Estate Broker that loves to show people around the Chicago neighborhoods.