If, as you stated, you have a chance to buy a home â€œAS-ISâ€ â€¦ yet you only have a limited amount to put down â€“ then consider yourself in the fortunate few. Most buyers with limited resources are getting blown out of the water these days.
MANY sales are currently going â€œAS-ISâ€ â€“ although the California Purchase Agreement (as stated by John) already is an â€œAS-ISâ€ agreement unless repairs are specifically requested â€“ many offers today have the additional verbiage written in (typically on page 4) stating â€œProperty to be purchased AS-ISâ€. This is the buyerâ€™s way of stating that they will not exercise the option provided for in the contract to ask for repairs of any kind. If, after performing your inspections, you find that there are issues you cannot live with, then, as long as your contingencies have not been removed, you can back out and get your deposit back. The only cost to you will have been the inspections.
As stated by Pacita, there is no way to really know what the actual percentage of homes is that are selling â€œAS-ISâ€ â€¦ if itâ€™s a short sale or REO then we know for sure â€“ however, for the rest of the sales, itâ€™s not a fact thatâ€™s disclosed on the MLS (Multiple Listing Service). From personal experience, however, I CAN tell you that the percentage is VERY high in the current market â€“ and we have a very large volume of sales with which to track the data.