What “AS IS” Means
September 24th, 2008 categories: Buyers, Short Sales & Foreclosures
With the increase in banks owned properties it is becoming very common to see properties that are being sold in “as is” condition.
For the most part “as-is” condition means that the property is being sold exactly as it is when you see it. It is a safe assumption to believe that the bank has never actually seen the property they are selling and that they are selling it making no representations to it’s conditions.
As a buyer, it is important that you do your homework. You can still do a home inspection on these properties and always should make your purchase contingent on having it done. Understand that your inspection is for informational purposes only but if you find something that you are not willing to pay to have fixed that you have a way out.
If you are doing a home inspection, make sure that the water to the property is turned on in advance. You cannot do a thorough inspection of the homes systems without running water. Especially if the home has been sitting vacant for any time period. If you are using FHA financing, the appraiser will not appraise the property if the water is turned off.
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