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Thread: AS IS listing

  1. #1
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    Default AS IS listing

    What are some reasons a property might be listed 'as is', particularly where it is less than 5 years old.

    Also, what exactly does no warranties & representations mean?

    Thanks in advance!

  2. #2
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    Typically a listing that has "as is" stipulated within its listing could have had some sort of big issue with it, be a power of sale or sometimes someone has started renovations and simply couldn't finish.

    It basically means that if you purchase this property that what you see is what you get and nothing further will be done to correct any issues, problems or state that it is in.

    No warranties and representations is fairly common to see in cases of power of sales. The financial instition will not warrant or guarantee since they have no knowledge of the property. Big ones would include wiring, plumbing, roof age, presence of UFFI etc.

    Also in this case they will not guarantee that the chattels (if included) furnace or air conditoner are in working order. Once again what you get is what you see and if it works, great, if it doesn't that is your problem.

    In the case of power of sales; the seller (the financial institution) has more than likely never been into the property therefore they will not make any representations.

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