O, Home Buyer in Phoenix, AZ

how common is for sellers of a property no Bank Owned or in foreclosure to want an "as is" addendum in the purchase contract?

Asked by O, Phoenix, AZ Wed Feb 19, 2014

I put an offer on a house which is owned by a trust, not a bank and it is not under foreclosure or any other default. The seller countered the offer by asking to include an "as is" addendum to the purchase contract. I feel uncomfortable with accepting the counter offer because the house is a historical 90 years old home.

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Shane O'Bri…, Agent, Phoenix, AZ
Sun Feb 23, 2014
I totally agree with Joseph's answer. Even though the counter contains an AS-IS addendum, you must do your due diligence. Did you include an inspection period in your original offer? This contingency allows you the buyer the opportunity to have the property inspected professionally. AS-IS addendum or not, if the property does not meet your expectations by the end of that inspection period, you have the right to walk away.
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Joseph Domino, Agent, Scottsdale, AZ
Thu Feb 20, 2014
It is becoming more common as sellers. particularly ones that do not know the condition of the house try to minimize their liability and disclosures. While selling AS-IS does not relieve a seller from disclosing known facts, the idea is that you cannot disclose what you do not know. It shifts the responsibility to the buyer to more thoroughly investigate the home.

In this case you mentioned a trust is selling the home. It may be an inheritance or owned by multiple parties. They may never have lived there and may not be knowledgeable about the homes condition.

If you decide to go forward make sure you do a thorough investigation of all factors not just physical inspections, but neighborhood, HOA, zoning and future area plans. You do not want to find out they are planning to build an expressway in your backyard.
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