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Ask Eli: What does it mean to sell “as-is”?

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This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!

Question: I don’t want to do any work to my home when I sell it. Should I offer is “as-is”?

Answer: Happy July 4th week everybody! I hope your summer is off to a good start, despite the rough early heat wave.

Selling a property “as-is” in Northern Virginia carries a practical purpose and a technical definition, per the contract, that should be discussed between the buyer and seller.

Implied Definition

When you market a property as-is, you are implying that you will not negotiate with the buyer to fix or address anything, and the buyer should be prepared to take on the full risk of the property in its current condition. The buyer should agree to take the property in the condition it is in at the time of offer, without any inspections.

As-is doesn’t always mean the property has problems, sometimes it just means the seller wants nothing to deal with anything during the transaction, but sellers should understand that marketing a property as-is implies that there’s likely problems with the home and the market will usually price it accordingly.

Technical/Contractual Definition

In Northern Virginia’s Contingencies/Clauses Addendum, you’ll find a section for selling “as-is” which contains the following terms that can be individually selected for the contract:

  • Seller will not clean or remove debris. The standard is for the property to be free of trash/debris and broom clean.
  • The seller is not responsible for addressing any wood destroying insect/termite issues. The standard agreement requires the seller to pay for any damage from wood destroying insects.
  • The seller is not required to fix any Homeowners Association violations related to the physical condition of the property.
  • The seller is not responsible for providing working smoke detectors.
  • The seller is not responsible for compliance with notices of violation from local authorities.

It’s important to differentiate between marketing and communicating that a property is being sold as-is and actually selling it as-is using the proper contractual clauses to do so.

Who Uses As-Is?

It is common to see estate sales and homes that will be the targeted by investors (tear downs or flips) being sold as-is. In the case of many estate sales, the family member(s) who inherited the property may not live nearby, know anything about the condition of its systems, or want to be bothered by negotiations after a deal has been made.

Understand Your Choice

First and foremost, it’s important for a seller to understand the message they’re sending by marketing a property as-is. Most buyers will infer that the property has issues that will be passed onto them and will discount the value of the home accordingly. In many cases, I talk to homeowners whose home is in good condition, but they want to sell as-is simply because they don’t want to deal with inspection negotiations, repairs, etc. In this case, marketing a home as-is probably is not the right approach and a better approach would be communicating your expectations up-front with a buyer, without calling it as-is.

For buyers who come across an as-is sale, it’s important to ask the right questions. You’ll want to learn precisely what the seller’s intentions are with an as-is sale. For example, will they allow a pre-offer inspection or a void-only inspection after contract? Do they intend to address any HOA violations? Make sure that you are pricing/discounted the value of the home based on the seller’s actual intention and not based on your assumptions.

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at (703) 539-2529.

Video summaries of some articles can be found on YouTube on the Eli Residential channel.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10CA

Just Listed in Arlington

By Sponsor

Just Listed highlights Arlington properties that just came on the market. This biweekly feature is written and sponsored by Coral Gundlach Homes.

Hello Arlington!

Coral Gundlach here with Coral Gundlach Homes at Compass in Arlington. I’ve been an Arlington homeowner since 2001 and a Realtor since 2004. I love this real estate market, even though it has its challenges.

It is officially summer and people are on vacation and less focused on real estate. Almost all numbers are down, except overall actives are up. Single family homes are still typically selling fast for over asking but others are taking a bit longer. We are still tracking Under Contract/Pending sales in this column as well. 

Here are the numbers as of the time of writing: Friday, June 28 at 11:15 a.m.

  • All active listings in Arlington: 291 
  • New listings in the past week: 60 (same as 60 two weeks ago)
  • Under Contract/Pending in last week: 46 (down from 56 two weeks ago)
  • All active detached listings: 114 (down from 121 two weeks ago)
  • New active detached listings: 16 (down from 22 two weeks ago)
  • All active townhouses, fee simple: 32 (up from 29 two weeks ago)
  • New active townhouses, fee simple: 10 (up from 8 two weeks ago)
  • All active condos/co-ops: 139 (up from from 129 two weeks ago)
  • New active condos/co-ops: 31 (up from 28 two weeks ago)

The average cumulative days on market (CDOM) for both Active Under Contract and Pending sales in the past week held steady at 29. CDOM includes homes that were withdrawn and re-listed. Homes that went straight to Pending (meaning no contingencies) averaged 12 CDOM and those that went Active Under Contract (with contingencies ) had an average of 41 CDOM.

Twelve detached homes closed in the last week, compared to 18 two weeks ago. Average CDOM for the closed homes was 44 compared to 50 two weeks ago and they sold for an average of 97.5% of original asking price compared to 98.9% of original asking price two weeks ago, and 101.9% of current asking price compared to 99.4% of current asking price two weeks ago.

Last week I asked if this lower list to sales price ratio was a trend. It did dip again for original asking price but went up for current asking price. 

Contact Coral Gundlach Homes today at (703) 200-3631 or email [email protected] to talk more about buying or selling Arlington real estate.

This week’s Just Listed feature:

3428 South Utah Street, Arlington VA, 22203 — $845,000

3428 South Utah Street

Today’s featured listing is a unique offering in beautiful Fairlington. The Dominion is a stunning 3 BD/3 BA model loaded with light and updates. If you want this treasured community with a bigger size, this 4 level beauty is one you should not miss. Listed by Lisa Dubois and Nick Mullen of ReMax Distinctive.

Want to see more Just Listed properties? Interested in an Open House this weekend? We’re happy to show them to you privately! Click here or contact Coral Gundlach Homes.

Please note: While Coral Gundlach Homes provides this information for the community, they may not be the listing agents of these homes. Equal Housing Opportunity.

Samosas and Mimosas: Bottomless Brunch at Delhi Dhaba

By Sponsor
1/5

Special 33rd anniversary offer: 50% off for the first 33 reservations!

Experience the vibrant flavors of India with Delhi Dhaba’s new bottomless brunch, Samosas and Mimosas.

The new brunch items promise to tantalize your taste buds and leave you wanting more. They curated timeless brunch items with traditional Indian dishes, such as Saffron French Toast, Masala Deviled Eggs and Spiced Avocado Toast served with pickled mango.

  • $40.00 per person + $3 brunch drinks
  • Unlimited small plates of starters, spreads and flatbreads
  • Choice of 1 entree and 1 dessert

Samosas and Mimosas at Delhi Dhaba is not just about great food; it’s about an unforgettable dining experience. Their inviting Indian vibe and service make it the ideal place for friends and family.

Join them this weekend and make Samosas and Mimosas your new go-to brunch spot.

Check Out The Brunch Menu!

Enroll now for fall 2024 at Little Ambassadors’ Academy

By Sponsor
Little Ambassadors’ Academy

Little Ambassadors’ Academy is actively enrolling students for Fall 2024!

Dedicated to early childhood development, Little Ambassadors’ Academy provides a safe, nurturing environment where children can learn and grow through discovery.

As teachers and administrators, we provide an encouraging and creative school environment in which students develop intellectual curiosity and outstanding moral character. We celebrate the individuality of each child and work with them to reach their full potential.

We believe in a supportive learning environment where children can become active and engaged learners. Little Ambassadors’ Academy is dedicated to building a solid foundation for lifelong learning.

A well-balanced program is essential for a positive early childhood development experience. LAA creates well rounded students by exposing them to strong learning components. Through daily healthy living activities, students are developing the tools they need for personal growth and gross motor development.

The art of language is supported by our Spanish lessons and visits to our school library. Music enrichment and process based art projects encourage the creative strengths of children.

Our hands-on approach with science creates opportunities for:

  • Critical thinking
  • Observation skills
  • The ability to form conclusions

Our curriculum creates a diverse learning experience for our students and contributes to their overall development which fosters their growth into bright, responsible, and caring citizens.

We are thrilled to announce we’re entering our fifth school year and are now offering a Kindergarten program at our Overlee Campus!

For more information, please visit the Kindergarten page on our website!

Enroll Today

Small Business Focus: Do I really need a home occupation permit? Absolutely!

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Do I need a home occupation permit?

This column is sponsored by BizLaunch, a division of Arlington Economic Development.

Over the summer, we’re going to be doing a deep dive into the regulations many startups skip when starting their business. Last summer, we detailed one of the main regulations some startups forget, which is an Arlington Business License. Today, we’re going to highlight the other main regulation many Arlington’s independent consultants working from home forget which is a home occupation permit.

A home occupation permit is a requirement if you are using a residential address as your principal place of business. Many occupations are permitted by the home occupation permit such as accountant, consultant, engineer, artist and many others.

However, there are some occupations that are not permitted in residential areas such as antique shops, nursery schools, restaurant or tearoom, motor vehicle repair and more. The reason such occupations are not allowed is because many of these occupations would create nuisances in residential neighborhoods reducing the quality of life for the surrounding community.

A home occupation is fairly simple to obtain, simply fill out the Home Occupation Application in Permit Arlington, log in or create an account. Under the create drop down menu at the top, click zoning application and a list of different zoning applications will expand and select Home Occupation. To obtain a home occupation permit, the applicant must be an Arlington County resident, and a parking disclosure map is required for home occupation. Use the Parking Map tool to comply with this requirement.

While a particular occupation may be permitted under the Home Occupation Permit, we strongly encourage applicants to check their lease or condo documents to ensure their apartment or condo association allows residents to run a business out of their house before they apply for the Home Occupation Permit.

We know permitting and regulations can be overwhelming; however, we have the “easy button” at BizLaunch, and we can walk startups through all the regulations specific to their business. Simply schedule your one-on-one counseling appointment today with one of our three small business experts.

To learn more about BizLaunch and to take advantage of the many small business resources we offer, visit: www.bizlaunch.org.

Just Reduced Properties in Arlington

By Sponsor

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.

As of June 24, there are 124 detached homes, 40 townhouses and 137 condos for sale throughout Arlington County. In total, 30 homes experienced a price reduction in the past week, including:

3830 30th Road N.

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

Listing of the Day: 848 N. Madison Street

By ARLnow.com
1/6

Address: 848 N. Madison Street
Neighborhood: Dominion Hills
Type: 5 BR, 6 (+1 half) BA single-family detached — 5,084 sq. ft.
Listed: $2,249,950

Noteworthy: Professionally Decorated Model Home

The professionally decorated Woodward Contemporary model home is now for sale at The Grove at Dominion Hills, located at 848 N. Madison Street.

Complete with designer extras and upgrades, this 5-bedroom home includes an elevator, built ins, ceiling with beams, accent walls, trim throughout, and custom painting. Upon entering the home, you’re greeted by the beautiful formal dining room with floating buffet and sophisticated finishes. The office space on the main level with full bathroom is the perfect work from home space.

The enormous kitchen boasts Jenn Air stainless steel appliances, upgraded countertops, and ample cabinet space. The adjacent butler pantry and large walk-in pantry provide abundant storage and prep space. As the centerpiece of the home, the open-concept great room is highlighted by gorgeous hardwood floors and a gas fireplace. The spacious finished basement features a recreation room, a custom wet bar, bedroom with full bathroom, extra storage space, and more. Discover what luxury living truly means and schedule a tour of this beautiful home.

The Grove at Dominion Hills offers a rare opportunity to own an exquisite home in a brand-new community located in a highly desirable area minutes from local shopping, dining, recreation, prestigious schools, and the East Falls Church Metro station.

Contact the Toll Brothers online sales team at 855-298-0316 to schedule an appointment today.

Listed by:
Rachel Jacobius
[email protected]
(571) 667-5500

Ask Eli: Early signs of a market shift?

By Sponsor

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!

Question: Are there any signs of the market slowing down?

Answer: As we know from previous columns, the second half of the year tends to be slower and less intense for buyers than the first half of the year. I think the second half of 2024 will bring a more significant second half slowdown than we’re used to (unless interest rates drop by 1% or more).

Prices Have Increased Significantly This Year

Despite lingering high interest rates, home prices have generally increased 5-10% in 2024 due to low supply and buyers accepting long-term high interest rates. Higher prices have been the result of ongoing competition amongst buyers and those buyers begrudgingly offering more to get into the undersupplied housing market. If demand tapers off and/or supply increases, leading to less competition, buyers will happily pay less than the prices we’ve been seeing in the first half of the year.

Below you can see the 5-10%+ year-over-year (YoY) increase in median and average prices for Northern Virginia and the Greater D.C. Area.

Med Sale $ – YoY% Change
Avg. Sale $ – YoY % Change

New Listing Volume Finally Trending Up

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Listing of the Day: 624-A N Tazewell Street

By ARLnow.com
1/6

Address: 624-A N Tazewell Street
Neighborhood: Ballston
Type: 3 BR, 2 (+2 half) BA townhouse — 1,960 sq. ft.
Listed: $1,075,000

Noteworthy: 4-level luxury end-unit townhouse in the sought-after Ballston community.

Discover this stunning 4-level luxury end-unit townhouse in the sought-after Townes of Ballston community, just a 5-minute walk from Ballston Metro, restaurants, and shops, including the Ballston Quarter.

This home features elegant cherry hardwood floors throughout. The main level offers spacious living and dining areas, recessed lighting, custom window treatments, a cozy corner fireplace with granite surround and hearth, and a screened porch with backyard access. The gourmet kitchen, with its vaulted 2-story ceiling, bay window, and skylights, is filled with natural light and features new (2020) stainless steel Samsung appliances, quartz counters, ceramic tile backsplash and floors (all new in late 2020), along with abundant maple cabinetry.

Plantation shutters grace the bay window, and the breakfast nook offers a view of the lovely courtyard while sipping your morning coffee. A beautifully updated powder room completes this level. The second level offers two bedrooms (one loft-style) with a connecting bathroom, ample closet space, plantation shutters, and a newer full-size GE washer/dryer. The serene primary bedroom retreat on the upper-level features custom window treatments, a vaulted ceiling with ceiling fan, a large walk-in closet with organizers, plus access to an enclosed solarium and private open balcony.

The gorgeous primary bathroom boasts a double vanity, large tub, glass-enclosed shower, and exquisite tile work. The bright versatile basement, with recessed lighting, a wall of windows and an adjoining half bath, is perfect for a gym, office, or guest room and leads to two garage parking spaces (one reserved, one assigned).

Take a virtual tour today!

Listed by:
Monique Craft — Weichert Realtors
[email protected]
(703) 628-9571

Statutes of Liberty: Expanded parole in place program offers new avenue to permanent residency

By Sponsor

This sponsored column is by Law Office of James Montana PLLC. All questions about it should be directed to James Montana, Esq., Janice Chen, Esq., and Austen Soare, Esq., practicing attorneys at The Law Office of James Montana PLLC, an immigration-focused law firm located in Falls Church, Virginia. The legal information given here is general in nature. If you want legal advice, contact us for an appointment.

The Biden Administration announced a large amnesty program on Monday — the “New Process to Promote the Unity and Stability of Families.” The purpose of this article is to describe the program, advise prospective applicants of how to prepare for the program’s implementation and — no less importantly — to discourage potential applicants from paying anyone to apply for this today, because, as of this writing, the application window remains firmly closed.

Extra! Extra! Read All About It! (The 1992 Film Newsies)

What is the New Process to Promote the Unity and Stability of Families?

As we’ve discussed in prior articles, U.S. immigration law treats people very differently based on how they entered the United States. Those who enter with visas — even  if they later overstay those same visas — are allowed to apply for permanent residency if otherwise qualified; those who cross the border generally are not allowed to do so without first leaving the United States and attending an interview at a U.S. Embassy or Consulate abroad.

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Just Reduced Properties in Arlington

By Sponsor

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.

As of June 17, there are 137 detached homes, 35 townhouses and 126 condos for sale throughout Arlington County. In total, 29 homes experienced a price reduction in the past week, including:

258 N. Barton Street

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

Ask Eli: Significant changes coming to local/regional real estate

By Sponsor

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!

Question: I’ve been hearing about a lot of changes to real estate laws lately, can you explain what’s changing?

Answer: We have entered the transition period of significant changes to the operations of residential real estate across the entire country — led by the massive class action lawsuits and heavy hand (and opinions) of the Department of Justice over buyer agency commission. I wrote about these changes in this March article and will dedicate at least one or two more columns to them in the near future.

The commission-related changes will capture the most attention from consumers, agents, brokers, attorneys, etc but there are other unrelated changes being introduced this year that would normally be worthy of their own headlines, but are overshadowed by the commission storylines, so this week I’ll highlight three consequential upcoming changes that are important to recognize.

Negotiable HOA/Condo Three-Day Review Period

For years, Virginia law gave buyers purchasing a home in an Association three days to review the Association’s resale package/certificate (by-laws, budget, reserves, violations, etc) from the time it was delivered or three days from the purchase contract being ratified, if delivered on or before ratification. A buyer can void the contract at any time within this three-day review period, by delivering unilateral Notice to Void (yes, it can be used as a “get out of jail free card”). Other states have similar laws — D.C. is three business days and Maryland is seven days for condos and five for HOAs.

Last year, the governing code for the condo and POA/HOA resale disclosures, previously two separate codes, was combined into one code (linked here). When this happened, the requirement for a three-day review period was MISTAKENLY (at least, that’s what I’ve been told by attorneys in the know) deleted which led to a lot of confusion in the real estate community over whether the three-day Association review period could now be removed by the buyer and seller because it was no longer protected by Virginia law.

In response, the Northern Virginia Association of Realtors (NVAR) and most brokerages issued guidance saying that the review period should not be removed because it was untested legally and Virginia did not actually intend to delete that language.

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