Hi Lolita,
Always keep in mind that Bank do not like to take care of repairs and sometimes code violations. Was this disclose up front and if so, did you and your agent did some homework on what the violations are and how much are owed. Code violations can be very expensive. If you are within your inspection contingency, there are still time to negotiate or back out, but you must do this quick. If you are passed your contingency you run the risk of loosing your deposit but I would suggest to still ask for a credit, you just never know.

Best of luck,

Dawn Welch
CDPE "Certified Distress Property Expert"
RE/MAX Marquee Partners
323-253-6884
email: DawnWelch4Homes@gmail.com

Keith answered your question very well. The only thing I can add is for you to speak to your agent about where you are in the contingency timeline. You may still have the right to back out without losing your deposit. If this is the case, then you have more negotiating power with the seller. Otherwise the seller may be in the position of power and may not want to negotiate, which means that you either go through with it or back out and lose your deposit.

Be sure to express your concerns to your Realtor. He/she is supposed to be looking out for your interests. In our market we have a great where the seller pays for your representation. Take advantage of that representative and ask him/her the same question you are asking here.

Good Luck,

Ray Calnan

Lolita
The rules actually are not set in stone. The lender needs to sell the property. Just because it says "as is" means there is always room to negotiate. Remember that market value is the price a willing and able buyer will pay. If the property has long market time and is over-priced, then you may have some negotiating room. However, that may mean the YOU are the one fixing the code violations, so negotiate a price that makes that worth while.

There are quite a few homes for sale, but very few nice ones. In Los Angeles there are a number of items that are REQUIRED to be fixed, including the gas meter shut off and shatter proof sliding patio doors, smoke detectors, etc. Most lenders and Realtors know that one has to be prepared to make a property saleable.

Good luck!

The buyer is responsible seeing it is sold as is, rule number one is do your inspections before putting in a bid on any bank owned property. however now that you are kind of stuck you should at least try and ask the bank for a credit so you can bring them up to code, dont ask them to do the work as they never will, but you may receive a credit if approached correctly, you should have a buyers agent who could of and should have warned you about this, they can now assist you in writing your request, do it right away though so teh bank cant say too much time as gone by. good luck