.If a seller does know about structural problems, howeve, they should be disclosed.
So - a home being sold in "as is" condition means the seller won't make any repairs.
That doesn't mean, however, that you can't have an inspection of the property.
It is advisable to do so. You should reserve the right to walk away if you find too many structural issues that you don't want to take care of.
The "As-Is" clause does not mean that repair requests cannot be made after inspections. The seller is usually stating that they don't know what they don't know, likely because they never lived at the property. In many cases, the seller will be more than willing to address the issues raised during your inspections, especially in the case of a new construction foreclosure. You'd be well advised to speak with an attorney or an agent about the implications of this clause before entering into an agreement where it is included.
REALTORÂ® Keller Williams Realty Atlanta Partners
AS-IS in sales agreement should be discussed with your attorney as if some thing perticular u need to mention in your contract.
But generally the As-Is means that you get whay you see while taking a walk through to purchase the property. It could also mean that you do your research before buying. This is very common with REO's.
So be very carefull.
From the seller's point of view, this does not relieve you of the duty to disclose., In fact, disclose everything for your protection as much as the buyers. Anything that you disclose to a buyer potentially insulates you from that buyer's successful lawsuit against you.
In most cases if you have disclosed a property condition the buyer would be unsuccessful in pursuing litigation against a seller after the fact. If you are aware of a property condition like a structural problem as you have indicated, you have two choices when it comes to selling residential real estate. 1. Bite the bullet, have the repair made and then sell your property at full market value. or 2. offer the property "as is" disclosing all property conditions, including the structural problem, and prepare to negotiate the price accordingly.
Best of luck to you in Monroe.
Answer: The "As is" clause in a REO transaction relates to condition of the property and that the seller (the bank) has never leved in the property and does not know the defect(s), if any.
When you see an "As is" clause in ANY real estate transaction you are best to have every type of property inspection available completed on the property to determine if the are any structural, system, or physical and title defects.
In English: Get a pest inspection/termite report, a CLUE report (insurance claims), physical inspection from a licensed/bonded property inspector, a title policy, and have a contractor inspect the property if there are visable defects i.e. cracks and uneven surfaces. If it's a condo get the HOA package and review it.
I hope this helps you out.
It's much like buying a used car. Sold AS IS means once you pay for it it's yours. If you drive it off the lot and it blows up it's your problem.
The home is being sold in it's current condition with no warranties or guarantees.
An example is that, buyer A purchases property from seller B and later finds out the roof leaks. Seller be is not responsible for repairs to correct the problem.