Selling a property "as is" isn't all that unusual, and it shouldn't be a deal breaker. But when you see the term in a listing -- especially these days -- it can be a reason for caution, says Diane Conaway, a San Diego broker with Re/Max United.

These days, "as is" can mean "previous owners stole everything including the kitchen and bathrooms," Conaway says. "Our contract states 'as is' anyway, but some agents restate that in the listing, which is a disservice to their sellers."

While listing a property's shortcomings has its drawbacks, Conaway believes it's better to include obvious improvements a buyer will want to make, rather than saying "as is." If it's clear that the house needs new carpet, Conaway says it's better to just say so because any serious buyer will likely use that as a negotiation point anyway. But if you list the property "as is," you could make the buyer think the worst.