As-Is Sale

Intermediate 🏠 Real Estate

Definition

Buying a property exactly as it is without repairs—the seller's way of saying 'don't say I didn't warn you.'

Example Usage

We bought the foreclosure as-is, knowing we'd need $50K in repairs.

Origin

Legal contract terminology

Fun Fact

As-is sales often come with a disclaimer preventing buyers from seeking specific performance for repairs.

Source: Real estate contract terminology

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Broker Price Opinion—a real estate professional's estimate of a property's value, essentially an appraisal's less expensive, slightly less official cousin who still gets invited to family gatherings.

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Multiple Listing Service (MLS)

A collaborative database where real estate agents list properties for sale, basically the internet before the internet made it all free.

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comparables

Recently sold properties used to determine market value, cherry-picked by whichever party needs to prove their point. The art of comparing apples to slightly different apples.

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lowball

An offer significantly below asking price, typically submitted either by savvy investors testing motivated sellers or by delusional buyers who think every property is overpriced. It's a negotiating tactic that's either brilliant or insulting, depending on which side you're on.

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comp killer

A severely underpriced or distressed sale in a neighborhood that drags down the comparable sales data for everyone else's properties. It's the one house that ruins the curve for the entire class.

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