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Nancy, Home Buyer in Rhode Island

I am buying a short sale and realized they didnt put as is on the purchase sales agreement contract i live RI

Asked by Nancy, Rhode Island Wed Mar 25, 2009

Now the bank has realized this will they change that on us before we close on the 24 of april.
I live in rhode island

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A short sale does not have to be purchased as is. However, you should have the inspection done prior to signing the purchase and sales agreement because once the bank agrees on a price, they are not going to give any concessions. Also, you should do a final walkthrough just prior to closing to make sure all is as it was when you last saw the property. This is why it is important to have a buyer's agent working for you.
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0 votes Thank Flag Link Wed Mar 25, 2009
Nancy,

All the short sale and REO homes are "as-is" sale. The lenders will not repair anything unless they specifically mentioned in their approval, which I havent seen from any lender. It would be your responsibilty to do professional inspection and find out if there's any probelm or not. If you are not satisfied with the inspection or any major problem, let the seller's agent know and if they are not offering anything then it would be your choice to walk away from that sale or not. But you have to do all your inspection before the contigency period is over, which is mentioned in the purchase offer, check with your agent....Good luck!
0 votes Thank Flag Link Wed Mar 25, 2009
I can't speak for RI Nancy but in Illinois the banks have addendums that release them from any defects in the property.
0 votes Thank Flag Link Wed Mar 25, 2009
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