Pros and Cons of Selling your Distressed House as is? If you're trying to cash in on your troubled property, there are benefits and drawbacks to selling it as-is. Because you won't have to make repairs to your damaged home, selling it as-is can be the simplest alternative. However, there are several considerations to make while selling your home in its existing state.
What Does "As-Is" Mean in Real Estate? Before we get into the benefits and drawbacks of selling a house in New York as-is, it's important to understand that selling as-is implies selling your home as is, with no repairs. The buyer buys your house as is, with all of its flaws. You are legally compelled to declare any faults in your home. Even if a buyer does not inquire about your home's flaws, this is required.
If you sell your property to a private cash home buyer in New York, for example, the buyer must sign documents stating that the house's condition was disclosed prior to purchase. Both parties should be upfront about the fact that the residence is being sold "as is."