Are ALL Short Sales in Boise, Idaho sold As-Is? I recently had a local real estate agent tell me they are. He was frustrated that my buyers chose to follow our contract and go through the inspection contingency period- which includes the option for the buyer to ask for repairs - and the agent was mad that we provided an inspection contingency addendum. Here in Idaho the inspection contingency period allows for some renegotiation of the contract. The buyers are able to ask for repairs based on inspection findings, the sellers are able to agree or disagree to do them and if the seller does not agree then the buyer is able to cancel their contract, get their earnest money back and move on.
Is it common practice that Short Sales are sold As-Is? Perhaps. In many cases the seller simply doesn't have any funds to be able to fix anything in the home, or has no motivation to do so. However, does that mean that ALL short sales are sold As-Is? ABSOLUTELY NOT.
As a buyer's agent we follow what the contract states and I do as my buyers’ instruct. Buyers should go into a short sale knowing what they are getting into and that in many cases a seller isn’t going to be in a position to renegotiate or spend time and money on repairs. As a buyers’ agent representing buyers on short sales it is abundantly important for us to explain the short sale process and curb expectations in a short sale purchase. However, I HAVE had buyers request repairs on short sales where the seller indeed HAS agreed to do them. My husband also negotiates many short sales here in the Treasure Valley and he has helped over 80 homeowners in the last 4 years avoid foreclosures. Have we had buyers request repairs on our short sale listings? Yes. And have some of our sellers chosen to agree to those repairs? Yes.
While short sales are often sellers who are in financial distress and aren't able to agree to repairs I can say for a fact that the statement that ALL Short Sales are sold AS-IS is false. Many are. However, ALL are not.
Kasey & John Boles
Jon Gosche Real Estate, Boise Idaho
Associate Broker, GRI, CRS, REALTOR®, ABR, ePRO, SRS, SFR
Search Like An Agent at kasey.BoiseMeridanRealEstate.com
This is not intended as solicitation if you are in contract with another real estate agent.