As-Is does not mean that the property has major damage,
All it means is that since the sellers never occupied the unit (in most cases)
they don't want to be held responsible for not disclosing damages.
Even in cases where the unit is in perfect condition you would still see the "As-Is" clause.
So in short, if you don't feel comfortable with an "As-Is" purchase, look for regular sales.
If you ever need more details on any unit in the Aventura area, please feel free to contact me
via Email at: mosheCGR@gmail.com or call our office at 954.455.5556
Typically, the phrase "sold as is" is the standard- boiler plate disclaimer for bank owned properties. The bank has never lived in the unit and really has no idea of its condition. I'm not sure what is meant by "length of the posting"- so I'll leave that issue alone. The maintenance fee for those Aventura REO's are between $550 and $675 per month and the annual taxes will be adjusted to about 2% of assessed value.
So, the property taxes and monthly condo association dues will be roughly $900 per month- most of these REO's can not be bank financed- for several reasons; they require an all cash purchase. "Smart Money" seems to be buying these distressed condominiums- they sold for around $335-$400K just 2-3 years ago- the potential for appreciation seems to be a real possibility.
An agent legally is bound to disclose material defects that are known or readily observeable.
Mott Marvin Kornicki, Real Estate Broker
REO means the bank owns the unit, the "as is" means they will make no repairs or improvements to the property. They are probably getting 50 cents on the dollar with the foreclsoure, so they make no other contributions. You will have an inspections perriod to get out. That is the ony way REO's will ever sell. If you are looking at newer units there are generally no major issues, as the building takes care of the plumbing and major issues within the structure.
If you are currently paying 850/month I do not feel you will ever find anything to own that will as low as that, unless you pay cash and just have your maitnnance fee and taxes. I would need much more information as to your pirce range and financing, but to answer you disclsoure question, there will always be full disclosure of any known defects, it is the law. "As is" does not mean will not disclose, it means will not repair. And a realtor cannot by law take on the liabiliy of telling you what is "wrong" with the property, it has to be inspected for an official disclsoure. They are not withoholding anything that is visible to all, just defects that could be found upon inspection.
You cannot have the expectation of an REO or short slae being in move in condition. You may be getting the deal of a lifetime price wise, and it may need work. That is a deciosion you need to make yourself as a buyer. You may just want to buy a really well priced "normal" sale and have it be in better condtioion. Sometimes the difference in price is very negligable from an REO.
I have seen REO's and short sales that look horrible, but much of it is cosmetic.
If I can assist you further feel free to contact me directly,
South Florida Brokers