I just bought a house for the same price sold as-is no buyer representation. You just need to do your homework. Have a home inspection done before you commit. Make sure the house is an REO which means 99.9% of liens on the house shold have been satisfied. It can be a headache but if it goes through you will be sitting on a lot of equity when the market rebounds

Good Luck

The biggest problem you will face is making sure you have
enough money left over to fix any problems that may be present
in the house when you buy.I do recommend getting an engineers inspection,
so that , at least you know what problems you will face if you decide to go ahead
Also , you may have difficulty getting a mortgage
from a bank unless you are putting down a substantial down payment .
So the bottom line is , if you are a first time home buyer - these type of deals
are NOT for the faint of heart and could end up costing you more than a regular
property , especially if you dont have someone who is an expert contractor to
help you determine how much it will cost to fix .
Terence Cavill
516-205-3224

Could be a foreclosure or a handyman special in a big way--speak to an attorney before going ahead with anything.

Anna
917-576-5376
abrocco@laffey.com

Art - not only do you handle the costs, but also it is your responsibility to conduct your own inspections. I always suggest on as-is homes to make sure you get a thourgh inspection using as many experts as necessary. The benefit of this will way out weigh the cost of finding somthing after close and being stuck with a money pit.

You handle all the costs.
Speak to your attorney.