So...it's a rainy Saturday morning and you're perusing properties in your jammies over a nice cup of coffee...saving this and texting your partner that, dreaming of a new-to-you house on your favorite Real Estate site. You get notifications based on your search history and just saw a great French Country property in an idyllic setting with a covered porch that got you thinking about having your coffee outside on the veranda as you listen to the rain softly patter on the metal roof. The gardens are beautiful and there's even a cutting bed so you can have fresh flowers on the provincial table in the foyer. And there's a proper foyer! With a brick floor! Oh and the arched doorways and wrought iron accents and the storybook windows...it's perfect! Maybe, you think, it's time. And maybe, you think, this is the one. The pictures and remarks have made this property part of your psyche as you envision your grandmother's secretary desk in the parlor, and your great aunt's linens on the dining room table where you have tea parties and scones with crème fraîche or relax in the kitchen drinking sauvignon blanc at the large butcher block island with your friends. "I could do this!" you think. As you're reading further, fantasizing about having a proper library,  ready to call your favorite realtor, you get to the last line: AS-IS. Ugh. Like a punch in the gut. Your mind swirls...What's wrong with it? It must be falling down. Does the plumbing need work? Does it even have plumbing? It must have knob and tube wiring. It's a fire trap. I won't even be able to get insurance. Was there a crack in the bedroom wall? I bet the plaster is falling off of everything. Maybe there are leaks? How much is a new roof? I'm going to have to gut it and start over. That's it. I'm done. Your dream house is no more.

Or is it?

There are many reasons a seller is listing the property AS-IS. Don't be afraid...read on.

1. Convenience: A seller may decide to list AS-IS if they have limited resources. Think about selling and how much some repairs may cost. It may make financial sense to list at a lower price than to put on a new roof. This can benefit the buyer when thinking about personal choices like updating floors or redoing a dated kitchen, allowing the buyer to make updates and upgrades based on their own tastes and budget.
2. Timing: Getting estimates and being scheduled for repairs and upgrades can take time, delaying when a property can be listed for sale. Sometimes, a seller needs to list and sell sooner as opposed to later: it may be for financial reasons, it may be for a relocation like getting children ready for school, it may be to settle an estate, or it may be based on market trends. This can benefit the buyer who is also looking for a property and a quick settlement.
3. Transparency: A seller may decide to list AS-IS to avoid lengthy negotiating. What you see is what you get. As a buyer this allows you to base your offer on the current, inherent value and not the cost to redo the hardwood floors.

Other things to know:

As a seller, you want to discuss an AS-IS listing with your Realtor. What are the pros and cons. A good Realtor will work with you to make sure that you're not putting "bad money" into preparing your property for sale, disclosing known issues to potential buyers, and guiding your sale to make the most sense for you.

• Disclose any known material defects.
• Be transparent about any changes or modifications to your property and whether the work was done by professionals and with permits.
• Complete the Seller's Disclosure to the best of your ability. If you don't know, put "unknown"...it's OK.

As a buyer, you want to discuss an AS-IS property  with your Buyer's Agent. Discuss the pros and cons. GO SEE THE PROPERTY! Call your Realtor and see the property in person. It may not be as good or as bad as the pictures and description suggest. If the property checks off a lot of your boxes, you will have the seller's disclosure and inspections to help make a good decision for you.

• Conduct a comprehensive home inspection to understand the property's condition.
• Include inspection contingencies in the contract to potentially negotiate or withdraw if major issues are found.
• Budget for repairs and factor costs into your budget.

Make sure your contract retains your rights to inspections and that the contract can be voided or re-negotiated if the inspections reveal damage beyond your expectations or budget.

Always consult an attorney. Attorney review varies by state. 

So that's it. It's not everything, but it's a start. Call your favorite Realtor...maybe your dream home has been hiding behind AS-IS and waiting for you the whole time! Bon chance!

Cassandra Shober, SRES is a licensed Real Estate Agent in South Jersey. 

This is for informational purposes only and not legal advise. New Jersey law allows for the sale of properties "as is". Consult with a licensed Realtor in your state for more information.