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Old 04-05-2010, 12:47 PM
 
Location: A little suburb of Houston
3,702 posts, read 18,244,915 times
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Quote:
Originally Posted by Master Shake View Post
Doesn't "As-Is" usually mean it is a bank-owned (foreclosed) home? Once it reaches that status, the bank will not warranty or repair any problems. It is up to the buyer to get a qualified inspector and take any defects into consideration when making (or adjusting) an offer.

Perhaps the inspection report found something that is making people walk away?
Not necessarily. My house was sold As-Is. It was a small estate property where the estate did not have any additional funds for repairs. Some properties may be in mid-renovation or need renovation and be sold As-Is.
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Old 04-05-2010, 12:52 PM
 
Location: Houston area
1,408 posts, read 4,061,265 times
Reputation: 639
Quote:
Originally Posted by Master Shake View Post
Doesn't "As-Is" usually mean it is a bank-owned (foreclosed) home? Once it reaches that status, the bank will not warranty or repair any problems. It is up to the buyer to get a qualified inspector and take any defects into consideration when making (or adjusting) an offer.

Perhaps the inspection report found something that is making people walk away?
Not necessarily. As-Is could also be an estate sale or an owner looking to sell the property as is(with proper disclosures.) But for the most part, yes, 9 out of 10 As-Is properties are foreclosures.
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