What does ‘as is’ mean? | Foreclosures

Posted by BJ Matson on Wednesday, July 24th, 2013 at 1:55pm.

I seem to be working with a lot of foreclosures lately.  Every one of them writes “as is” on the Listing.  Basically what you see is what you get.  You, the buyer, still are given the opportunity to do a Home Inspection AND we’ll make sure you can still get out of the contract if the home inspection has uncovered way more than you have an appetite for.

There are many foreclosures that need little work and for the most part are in ‘move in’ condition.  If you’re using a typical loan to qualify, particularly FHA, the home must have working appliances & be up to code.  A current client of mine ratified a contract on a foreclosed townhome.  It was actually found through the Appraiser’s work that there was a water stain in the ceiling of one of the bedrooms.  FHA required that we certify that the roof has no leaks.  The contractor came out to certify and possibly fix the roof but discovered the life left on the roof was less than 12 months.

The Bank decided they would pay for an entire new roof.  Great news for my client!

Each situation is different.  I have run into a few similar issues this Spring.  Even with “as is” foreclosures I’ve found the Bank willing to pay for some of the costs & sometimes ALL of the costs.  Particularly when it’s a ‘code’ issue or it’s something the Bank will have to deal with once again if they lose you as a Buyer.  Anyone hates to lose a ready, willing, and able Buyer.  To come so close and risk losing you…?

I look forward to helping you in your foreclosure search.  Whether it’s a home that needs minor aesthetic work OR if it’s a ‘fixer upper’ you would like.

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BJ MatsonRealtor®
Home Buying Advisor • RE/MAX
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