Thread: Property Sold as is? Warning?

Just wait till you get the 20 page Bank Addendum after you get an accepted offer. Banks sell ALL of their properties AS-IS for liability reasons, not because there is something wrong with the house.
The addendum covers every possible way you might sue the bank after you purchase. Read it! The contract will have a contingency to get the addendum signed, if you don't sign, the deal is off.

Get an inspection from a licensed contractor.

Bank REO's are not as good a deal as Short Sales, beacuse banks have a lot of money invested in aquiring the property from the owner. The benefit to REO is quick answer to offers. Short Sales can take 5 months to get an answer so don't be in a hurry.

If you like the house, the price is right, and the inspection comes in solid, BUY IT!

Good Luck!

First, switch agent.
Second, all bank sell as is. Make it clear in your offer that you're buying as is with the right to inspect. You'll know what to do then...

Yep, switch agents if you don't feel they have your best interest in mind. As said above, all bank owned are sold as-is. This is no big deal as long as you have the right to inspect.

all banks sell as is - like any sale get a home inspection - every home has problems its just a matter of what they are and how much it costs to get it corrected or does it need to be corrected.

Like others have said, all banks sell "as-is" because they aren't going to negotiate much or make repairs.

"As-is" doesn't necessarily mean a warning, or that something is being covered up. It just means the the owner is not making any changes. I would still recommend getting an inspection, to know what you might be buying. After the inspection, evaluate if you can or want to make the important changes suggested. If not, back out. If there's nothing major or if you are comfortable doing (or paying for) the repairs, then go through with it.

Best of luck!

Just make sure your title agent does a thorough background search on the property. Make sure there are no clouds in the title , if there are you will probably be expected to pay to fix them! Things like old HOA dues and CAM fees etc. I would be more concerned about unpaid fees, outstanding dues etc on the property than cosmetic and structural things as home inspection should cover these.

Also if your concerned look at getting a home warranty! they are only like 400 bucks!! I believe in them so strongly i now offer them as a closing gift free to all my clients, be them buyers or sellers!

Good luck

You can find out tax appraisal, last sale price and even what the neighbor's houses are appraised at just by using the web. I recently bought a house unseen (HUD bid) to flip but I had pictures, HUD evaluation report and my research.
Google tax assessment+your city and GIS mapping for your city. Some are more intuitive than others. You can even see an arial view on some.
Home inspection is crucial but you can write the offer contigent on inspection. Allways leave yourself an out.
Good luck

yes all bank sell their properties as is but you are also getting the property at a good price, i hope. so if it does need repairs you should still have enough equity even after the repairs. if not then its not a good investment unless you plan on living there or holding it for the long haul.

Some good advice from flhousesuk
Sounds like the way to go on this one!