Market Rate "As-Is", What am I Missing?
I was setting up a tour of single family homes to take out some new buyer clients of mine tomorrow and I am seeing a lot of this in the Northern Virginia area, which goes something like this... "Well maintained by owner for past 1-4 decades" or "Original owner with meticulous service history on property",(you get the drift on the verbiage in the MLS), but sold in "As-Is" condition. My sincere question to anyone who can explain it so I understand, why sell a home in "As-Is" condition if it has been well maintained AND is being listed at market price?
Here in Northern Virginia, specifically Arlington County & Alexandria City, there is little to nothing below $300K for a fee simple property. You can get a condo for that price, but then for the most part it is a matter of appliances and HVAC that can be covered by a home warranty. Inventory has been very limited over the past 18-24 months, particularly at the lower price points, so is it attributable to an extreme sellers market? I don't see where that is in play.
My first reaction to something that is being sold under this condition is that there should be some discount to the normal market price, since it doesn't provide for the normal request for repairs after a home inspection has been conducted. Now just to show I am normal, I'm not talking about an estate sale where Aunt Hattie lived for the past 30 years and who knows how she maintained it, I am talking about owner occupied properties where there should be some actual knowledge about the property.
Do agents think and advise their clients that they will net more at settlement from this type of listing versus going through what I consider to be the normal process of a home inspection and then a potential negotiation on the results? It may sound more convenient to the seller, but I can't wrap my head around why it works for the buyer, in the absence of an extremely rare property. If a property is being listed at market price, shouldn't it be subject to normal market terms?
Please share your thoughts on either side and thank you in advance.