Why is this "as-is"? What exactly is wrong with it? I would like some details.

Asked by Cathie D, 20187 Fri Jan 16, 2009

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This question is about this property: http://www.trulia.com/property/1073471997-420-Andromeda-Ter-…

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Jonathan Bunn, Agent, Raleigh, NC
Fri Jan 16, 2009
Hi Cathie

The term "As-Is" has become very common in this market place. Especially when dealing with banks owned properties. It simply means that what you see... or don't see YET.. is what you get. Their goal in selling the property this way is to reduce their liability so that you don't ask them to fix anything that would cost them more money.

The "As Is" Clause does not relieve the seller of disclosing anything to you that they have knowledge of... such as mold. The only problem is that banks know nothing about the homes condition. They have never seen it.

It is therefore in your best interest when purchasing a home in "As Is" condition to get a home inspection. Most will simply be for informational purposes only but at least you can sleep at night knowing the true condtion of the home you are purchasing.
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Dallas Texas, Agent, Dallas, TN
Fri Jan 16, 2009
GREAT QUESTION: as is usually bank owned property who does not get involved having contractors do minor repairs vs. a property owner. More paperwork for bank deal with agree to amendments, contractors, slow process of paperwork approval.

NOTE: Actually all properties are sold "as -is" including property owners unless your request for the minor repair details.
Web Reference:  http://www.lynn911.com
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Cameron Piper, Agent, Forest Lake, MN
Fri Jan 16, 2009
Cathie,

You will need to contact an agent and have someone send you a copy of the property disclosure to find out what is wrong with this property.

Listing a property "as-is" is done for a number of different reasons and generally NOT because there is something wrong with it. In most states simply knowing that there is a problem would mandate disclosure and thus would destroy and ability to cover up the problem with an "as-is" sale. Selling as-is is most often done when someone does not want any additional liability to arise from the sale of this property. Usually this is done by a bank.

Cameron Piper
Web Reference:  http://www.campiper.com
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