What does the term "AS IS" indicate on an appraisal?

The term "AS IS" on an appraisal indicates that the property does not require any repairs and is considered eligible to close in its current state. When a property is listed or appraised "AS IS," it implies that the seller is not willing to make any repairs or improvements before the sale, and the buyer is expected to accept the property in its present condition. This designation can affect the buyer's perception of the property's value and the negotiation process, as buyers may need to assess how any existing issues may impact their decision to proceed with the purchase.

Understanding the context of this term is crucial for both buyers and sellers during real estate transactions. It ensures that all parties are clear on the condition of the property and can set appropriate expectations for the closing process and any subsequent investment needed post-purchase.