"AS IS" is a term used on properties where the seller will not fix anything wrong with the home.
Because this home is bank owned, the bank (seller) knows nothing at all about this home. Therefore, they can't make any claims as to whether or not the plumbing, electrical, etc. are working.
The "AS IS' term is used so that a buyer knows that nothing will be fixed about the home. Now, that doesn't mean you can't ask for it, but be aware that unless it is something wrong for health and safety reasons, the seller will not fix it.
I hope that helps!
Yvonne
Here are some answers to your questions:
1) Pricing will depend on how long the home has been on the market. Newer listings don't generally go for much lower than full asking price. The bank will think it's too quick to get an offer so they will hold out for full price. If it's been on the market longer...I'm seeing the banks take offers closer to 10% of the list price.
2) For what I've seen the banks don't care how you are financing the home. Cash won't get you a lower price. Money is money to them.
3) If you do pay cash and then refinance, lenders will be looking at the neighborhood comps.
Good luck and happy house hunting!
You make an offer on it just like any other home for sale. Just know that the banks take longer to respond to offers. If the home is priced to move, you may find that there are multiple offers on the home. The bank can then decide to counter either one of the offers or ask both buyers for their "highest and best offer.". Through your realtor you may want to find out if there are any other offers on the home (or if another is on the way). This can help you offer what you truely want to pay for the home rather than get caught in a bidding war.
Keep in mind that even though the bank says that they are selling the home "AS IS" they can't prevent you from conducting your inspections. Since you won't have the home's history from the original owner you will still want to know what you are getting into.
Good luck!
It hasa been a tough market in the White Mountains. Marketing homes on the internet is an important part of marketing all listings. You may want to ask your agent where they are marketing your home and suggest using Trulia.
Good Luck!
Yvonne Coelet
Associate Broker
Square One Realty
(928) 205-9060
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