From: "Don Zimmerman" 
Newsgroups: misc.invest.real-estate
Subject: Re: Updating House vs. Selling "As Is"
Date: Fri, 25 Feb 2005 20:05:48 GMT


"jim"  wrote in message
news:1109335968.508248.233340@l41g2000cwc.googlegroups.com...

> Our house is in good condition but looks dated. It was built in 1971
> and still has many of those design elements. We are putting the house
> up for sell in a sellers market and I wonder if we should invested in
> updating the kitchens and bathrooms. We can ask more for the house with
> the updates but is it worth it when the house will sell quickly as is
> but at a lower price. I have gotten mixed messages from realtors that I
> have spoken to. Currently we are under no pressure to sell the house
> quickly.

In the area where I live and in another area where I lived before, the
expression "As Is" has a somewhat more complicated meaning in a real estate
sale. In these places, the seller is required by law to give the buyer a
disclosure statement, indicating whether there were any known defects like a
leaking roof, bad plumbing, old electrical wiring, asbestos insulation, and
on and on. Selling a property "As Is" means the seller is not aware of any
defects except those listed in the disclosure statement and relinquishes
liability for any unknown defects that may be discovered at a later time. So
if the seller says the plumbing is O.K., or says nothing, and the buyer
later finds out it is not, that could be grounds for legal action. But if
the place is sold "As Is," and the seller is not aware of a defect that
turns up later, the buyer is out of luck. It might be a good idea to check
this out in your area.