Property Q&A in Sarasota>Question Details

Terry, Home Buyer in Warsaw, IN

what is wrong with this property, that it is as is,,,,,,,,?

Asked by Terry, Warsaw, IN Mon Apr 6, 2009

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Dear Terry,

To add to my fellow realtor's responses, if upon an inspection you do find something that is too big big to overcome and the property needs more repairs then you re willing to make, you can always go back to the lender and renegotiate the price on the property.

My best,

Teresa M. Fellows
Waterside Realty LLC
0 votes Thank Flag Link Mon Apr 6, 2009
The as-is concept doesn't mean there is something wrong with the property - it just means the seller isn't willing to pay for repairs. This is extremely common with short sales and foreclosures, and it should be assumed that any property bought in that state is going to be as-is, where-is, as-seen.

Fortunately, buyers are still protected in as-is transactions; they'll typically have a period (10 days or so) in which to do any and all inspections on the property, and if they decide there is a problem too large to overcome, they have the option to cancel the contract and receive a return of the earnest money deposit. The only thing at risk financially is the cost of the inspector - but make sure you have a good one so that he can catch problems that aren't obvious.

Alex Krumm
Re/Max Alliance Group
0 votes Thank Flag Link Mon Apr 6, 2009
Thanks for your question,

This bank owned property is being sold "as is with right to inspect". That is very typical for REO'S (bank owned and short sales)

What this means is that the seller (the bank in this case) is selling the property in the condition it is in at the time of listiing. If you would have a home inspection done on the property (which you should) and you find defects, the seller will not pay for any repairs on the property. On conventional sales many times the seller will pay up to 1 1/2 % of the selling price. So basically,, what you see is what you get with foreclosures. You have a period of time to cancel the contract if you are not happy with the property and you find it needs more repairs than you are willing to make.

I hope this answers your question......

Michael Herschberger
Keller Williams Realty
Sarasota/Lakewood Ranch
Office: 941-556-0500
Direct: 941-468-7158
0 votes Thank Flag Link Mon Apr 6, 2009
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