I negotiate for price reductions after being in contract on bank owned homes all the time. As Is simply means that the seller is not going to make repairs. At least that is what it is meant to communicate. Banks will work with you if the problems are legitimate. (termite or roof damage, foundation issues, etc.) Don't let the AS IS clause scare you. You still typically have an inspection period and can cancel the contract if you are not satisfied with the results. Ask to read the banks addendum prior to making an offer. That should outline what your rights are regarding inspections.

If you are purchasing a HUD home and are using conventional financing, the purchase is truly As Is. If it is a nornal fannie/freddie or bank owned, you should have some wiggle room. Alot of contracts in our area on bank owned homes are cancelled due to the inspection results since homes are left vacant for long periods of time and can have defects uncovered during the inspection process.

It would probably be best if you asked about specific properties, as it would be easier to find out accurate information for you. Many times HUD homes are still listed on the MLS and other sites as ACTIVE, but when an agent checks on the HUD site they actually are pending.

If a house does not sell at Sheriff;s Foreclosure auction, then the bank buys it back. They then will list it with a realtor and you will be able to find it on many websites. The problem is that it is very difficult to search for foreclosures because the comments that address who owns the property are only the agent copies. It is more imnportant than ever to use a real estate agent to look vfor foreclosure properties. You won't save anything by cutting out the agent - and you will not be represented.

Dee Nofziger

Glenn & adria,You should be able to get in prior to sale,You have the right to an inspection,this is for your knowledge,the home will be "AS IS"" but this way you will know what all needed for repairs,so you can put offer in accordingly.Just make sure you use a REALTOR,they can walk you guys though.Good luck.

Regards;

tjroberts@remax.net

ABR,CNHS,e-PRO

Great, but do you know why they still have listings on this site for auctions etc. that are past? Homes are still listed, does this mean they did not sell and are potentially still available? THANKS!

If the home is being sold at a sherrif's sale/auction then the home will be sold "as is" with no opportunity to inspect. If the home is being sold at a HUD auction then the home will be listed with a real estate agent and you will have the chance to see the home prior to auction by contacting a real estate agent.