Your as is value is what the house is worth today, in its current condition, to a buyer who will take it that way. It is the finished value after repairs, minus the cost of that work, minus the months and money it takes to do it, minus the buyer’s margin.
The two numbers everything else hangs off
Any honest as is number is built from two inputs. Get these and you can check anyone’s math, including ours.
The first is the after repair value. That is what your house sells for once it is fully renovated, based on what comparable renovated houses on or near your block actually closed for. Not the listing price. The closed price. In Baltimore this is block by block, not neighborhood by neighborhood, because a renovated rowhome two blocks away can be a different market entirely.
The second is the true cost of the work. Not the cheap version. Roof, systems, kitchen, baths, floors, permits, and the things nobody sees until the walls come down. Anyone quoting you an as is price without a view on both numbers is guessing, and you should treat their offer accordingly.
What the as is discount actually covers
Sellers hear a number below retail and assume it is all profit. Most of it is not. Here is what the gap between your as is price and the after repair value is really paying for.
| Part of the gap | What it pays for |
|---|---|
| Repair budget | Labor, materials, permits, and the overruns that show up in every older rowhome |
| Holding costs | Taxes, insurance, utilities, and financing for every month the house is under construction and then on the market |
| Transaction costs | The buyer’s own closing costs, transfer and recordation taxes, and the agent commission when the finished house is resold |
| Risk | The stuff behind the plaster. A cracked main stack or a bad party wall can eat a whole budget |
| Profit | The actual margin, which is the smallest slice of the four above in most Baltimore deals |
Notice what is not in that list. Your urgency. A buyer who prices your deadline instead of your house is not making an as is offer, they are making a lowball offer. Those are different things, and we go through the difference in whether cash buyers pay market value.
How condition maps to value in a Baltimore rowhome
Condition is not a single dial. Some problems knock a few thousand off. Others change which category of buyer can even bid on the house, and that is where the big drops happen.
Items that reprice the house
A failed roof or cornice, water sitting in the basement, a dead heating system, active structural movement in a party wall, or knob and tube wiring will each push the house out of reach of a financed retail buyer. Once no mortgage will touch it, your buyer pool is cash only, and the price follows the pool.
Items that adjust the number
Dated kitchens and baths, worn floors, old windows, formstone, and cosmetic damage all reduce the number, but they do not change who can buy. These are the ones sellers overweight. They are also the ones you should almost never fix yourself, which we explain in whether you have to make repairs before selling.
Items that are not condition at all
Some things reduce your net without touching the value of the building. Open citations, an unpaid water balance, an unredeemed ground rent, and unpaid taxes all come off the proceeds at settlement. They are worth knowing about early. See how Baltimore water bill liens are handled at closing and how ground rent shows up at settlement.
Your tax assessment is not your value
The number on your Maryland assessment notice is not what your house is worth today. The State Department of Assessments and Taxation reassesses each property on a three year cycle, and the assessment is a mass appraisal for tax purposes, not a condition specific market opinion. You can look up your own record through SDAT Real Property Search. Use it to confirm ownership, lot size, and whether a ground rent is recorded. Do not use it to price the house.
How to tell a fair as is offer from a lowball
You do not need to be an appraiser. You need to ask five questions, and watch what happens when you do.
- Show me the after repair value and the comps you used. A real buyer has them open on a screen. A lowball buyer changes the subject to how fast they can close.
- Show me the repair budget by line. Roof, systems, kitchen, baths, and a contingency. If they cannot itemize it, they did not price it.
- Is it in writing, and is it the number at closing? The most common Baltimore lowball is a strong verbal number that gets cut after inspection, once you have already told your family you sold the house.
- Are they buying, or assigning? Ask whether they will be on the deed. Wholesalers assign the contract to somebody else, and that spread comes out of your price.
- What happens if I say not yet? An expiring offer is a pressure tactic. A real number does not evaporate on Friday.
We built the page on how to vet a we buy houses company around exactly these questions, including the ones that make bad buyers uncomfortable.
As is is not your only option
If the gap between as is and after repair value bothers you, there is a middle path. Under our renovation partnership we fund the repairs, our contractors do the work, and the sale price is agreed in writing before anyone starts, set above what the house is worth today. You pay nothing up front and nothing at closing. It takes longer than a cash sale, and for a house with real upside it usually nets more.
If you want the wider picture of pricing in this market, read what your Baltimore house is actually worth. If your house has real problems, start at selling a Baltimore house that needs work.
Get your as is number
REBA, our valuation tool, gives you a real as is number for your address in minutes. Free, no obligation, no phone call required. Bring us a verified written offer from another buyer and we will beat it or we will tell you to take it. When you want the number in writing, get your cash offer.
Questions people ask
How is as is value calculated?
Start with the after repair value, which is what comparable renovated houses near you actually closed for. Subtract the full cost of the repairs, the holding costs while the work happens, the closing and resale costs, and the buyer's margin. What is left is a fair as is number for your house today.
Is my tax assessment the same as my as is value?
No. Maryland's State Department of Assessments and Taxation reassesses property on a three year cycle using mass appraisal methods for tax purposes. It does not account for your roof, your systems, or the condition of your kitchen. Use SDAT to confirm ownership and whether a ground rent is recorded, not to price the house.
How much less than market value is an as is offer?
There is no fixed percentage, and anyone quoting you one is selling something. The gap tracks the actual repair budget, how long the work takes, and how much risk sits behind the walls. A house needing paint and a house needing a roof and a furnace produce very different gaps.
How do I know if an as is offer is a lowball?
Ask for the after repair value with the comps, and the repair budget line by line. Ask whether the buyer will be on the deed or is assigning the contract. Ask what happens if you wait a week. A real buyer answers all four. A lowball buyer talks about speed instead.
Can I get more than the as is price without paying for repairs?
Sometimes, through our renovation partnership. We fund the work, our contractors complete it, and the sale price is set in writing before anything starts, set above the home's current value. You pay nothing up front and nothing at closing. It takes longer than a straight cash sale.