Is an AS IS sale normally issued on an regular sale that is not and REO or, Short sale?
July 31, 2010 by gtsay
Filed under Foreclosure Properties
Question by Patricia M: Is an AS IS sale normally issued on an regular sale that is not and REO or, Short sale?
On the add it doesn’t come up as an as is sale but, now on all the counter offers, it shows as an as is sale and, that I am responsible for anything that needs to be done to this house that, I dont’ own yet. The other realator has the house as pending but accepting offers. I never wanted an as is buy.
Best answer:
Answer by WHO ME
Then find another house.
Add your own answer in the comments!
AS IS, is the way for the seller to not have to fix anything after the sale. If you buy a house AS IS you are responsible for anything that is wrong with it, no matter what. If the house is pending sale, you would have to beat out the highest bid. It could be above asking price or below. If it’s a house that is sold AS IS, I personally wouldn’t get into a bidding war for it. The best thing to do before buying is to get someone out to look at the property first, to make sure there are no really expensive problems.
You are going to have to find another house then. The “as is” contingency is the darling of people not willing to do anything to make the sale go through. Either they do not have any money to put into it, or there are other circumstances at play where they won’t do anything (this is not uncommon in ugly divorce sales). If the counters stated “as is” – why did you accept?
This is perfectly legal. The only difference is they will be required to disclose problems, where a bank does not.