Home Buying in 08080>Question Details

April, Home Buyer in 08080

what does subject to seller as is addendum mean?

Asked by April, 08080 Sat May 30, 2009

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7
The as is addendum is used more frequently as the bank-owned home and short sale market continue to dominate the sales market. We've created a short video to serve as an introduction to the AS IS addendum created for use in the Arizona market. Other forms of the as is addendum can be found in other States and bank owned home and short sale sellers will likely provide different versions of this document.

Here is a link to our video post. Hope it helps...
http://www.greatinvestmenthomesaz.com/2009/09/what-is-an-as-…
1 vote Thank Flag Link Tue Sep 8, 2009
Hi April, without knowing more specifics it sounds like the seller intends to sell their home in “as-is” condition - Meaning that the buyer’s home inspection is for “informational purposes only.” In many cases you may also be responsible for any and all repairs necessary to obtain a Certificate of Occupancy, and any lender required repairs.

With that said, it really depends on the situation. If you’re not currently working with an agent, feel free to give me a call. I see you live in my local area.

John Agnello
Realtor®

Long & Foster, Real Estate Inc.
1415 Route 70E Suite 106
Cherry Hill, NJ 08034

(609) 320-6700 – Cell
(856) 310-9229 – Fax

Realtor® specializing in the sale and purchase of Residential Real Estate / Servicing the Gloucester, Camden & Burlington Co. areas.
1 vote Thank Flag Link Sat May 30, 2009
It most cases the as-is addendum would be for a short sale, but it is an additional form, it is part of contract, so read thouroughly!
0 votes Thank Flag Link Tue Feb 19, 2013
The other agents said it! You are responsible for any and all repairs! Some sellers will obtain the CO (certificate of occupancy) that is required before you can move in to, and some times get the mortgage on the property. Cjeck your contract and ask your agent if you need further clarification.

Good luck!
0 votes Thank Flag Link Wed Jul 1, 2009
HI April,
What this means is that the home you're interested in is being sold in it's "as-is" condition and that when you place an offer and it's accepted. The contracts will include an addendum that you must sign indicating that you're aware that the home is sold as-is and that you are still willing to move forward with the contract and purchase process. This could be an addendum with a private seller or bank-owned property. I most often see an additional addendum when the property is bank-owned. Usually private sellers will most often just have their listing agent include it in the body of the original contract. All this said, there are still ways that you can protect yourself.
1. Have a full inspection (but ask if they will allow you to inspect during the 3-day atty review period. (you can back out of the contract for any reason during this time as long as your attorney writes a letter to cancel it and notifies all parties.)
2. Have your buyer's agent negotiate a lower price going in - accounting for any potential issues, and
3. Take a savvy relative or friend who is a contractor or who has some knowledge of construction, building codes, termite or structural issues, etc. and try to determine as much about the condition of the property before placing the offer.
Remember, once you sign an as-is contract, you're in ti til the end -your only other contingency allowed might be that of the mortgage contingency -- so tread lightly and do your homework up front.

I am a licensed, full-service Broker serving the area that you're written in about, so feel free to visit my website, http://www.NJHomesNearPhilly.com and set up a search to help you narrow your many, many choices in this favorably Buyer's market.
Make it a great day!
KimThomas 856-308-5989
0 votes Thank Flag Link Mon Jun 1, 2009
Hi April,
You are buying " as- is". Don't let this scare you away. It may be a great house, but the seller has no money for even minor repairs. A good home inspector can tell you what you need to know about a property.
Call me if you need a referral. 856-848-6600
0 votes Thank Flag Link Sun May 31, 2009
April, without any additional information, I would take this to mean that the seller wishes to sell their home "as-is" with no obligation to repair warranted items that come up during a buyer's home inspections. You as a buyer as still able to submit an offer however you prefer, yet it sounds like they have an addendum prepared already. Please do contact a professional agent in your area, or let me know if you would like assistance finding someone. Good luck!
Maryann Lawler, REALTOR
The Lawler Group
Keller Williams Realty of Greater Manatee
Maryann@MaryannLawler.com
0 votes Thank Flag Link Sat May 30, 2009
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