Glossary

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As-Is
A real-estate term meaning the seller is selling or renting the property in its current conditions, without any guarantees. The buyer or tenant accepts the premises in these conditions. The buyer or tenant does not expect any improvements to be made to the property. A seller may choose to sell as-is for a quick sale. These homes will usually be sold under market value. Foreclosed properties are commonly sold as-is. Example: Instead of repairing my older home, I am choosing to sell below market value as-is. Some home buyers may elect to purchase a property as-is in order to fix it up to their own specifications. As-is properties are commonly purchased as "fixer-uppers" and by those who are flipping, or remodeling, houses for profit. Example: Although there are repairs to be made to the kitchen, I am purchasing the home as-is and remodeling the kitchen to my exact standards.