Cathy, Home Buyer in Brooklyn Heights, Br...

What does "bank owned property being sold As Is " mean?

Asked by Cathy, Brooklyn Heights, Brooklyn, NY Wed Jun 3, 2009

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A stipulation that a property or item is sold in its current physical state, with no warranties. A clause that is sometimes used in the transfer of property for the present property that is being transferred with no guarantee or warranty provided by the seller.
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0 votes Thank Flag Link Mon Sep 6, 2010
Robert Fine answered your question very thoroughly. One thing I might add is that you can always make your offer "subject to an inspection by a contractor or inspector".

For a few hundred dollars they will uncover what repairs you will need to live in the house. I rehab houses for a living and trust me, the worse the condition, the better the price and the repairs are cheaper than you think. You can have a really nice house worth about double what you put into it, if you're willing to put 2 months worth of work into it.
0 votes Thank Flag Link Mon Sep 6, 2010
Hi Cathy,
I'm sure that you've been seeing this quiet often these days. Bank Owned Property are houses that have been foreclosed, and the bank nows owns the property. These houses are empty, and the bank usually turns off the power and the water, and has it winterized. Many of these homes have their windows and doors boarded up.
'As Is' means that house is sold in the shape it is in and the buyer has no bargaining leverage to try to reduce bid if problems and damage are found by home inspector. The buyer also has no recourse if unforseen problems pop up after she buys the house.
The advantage to buying these homes are that they could be priced at the bottom of market value and these homes usually have clear title.
Please call me, Robert, at VIP Real Estate, 718-967-2600 x312 or with any other questions.
This is a good time to buy a home, whether foreclosed or not, especially if your a first time home buyer.
Good Luck
0 votes Thank Flag Link Wed Jun 3, 2009
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