With many bank and REO homes on the market today, the listings tell you that the homes are sold “as is”, what does that mean to you the buyer? It simply means that the owner, be it a bank or private seller is not going to pay to have anything repaired. It doesn’t mean that the buyer not check to see if anything is wrong.
When listing agents take the contract to put home on the MLS, they usually have a Property Disclosure document which is required for all private sales whether it be a single family resale or investment property.
Banks on the other hand do not require having a signed property disclosure. The disclosure tells what known problems there are with the property. The reason they don’t is because they don’t know what if anything is wrong with the home and neither does the listing agent. It is always up to the buyer to determine if the home is in good shape. Get a home inspection to get an idea if all of the usual things work, heating and cooling, pipes, electrical etc. The inspection also will point out any problems such as mold.
Together with a Home Warranty, an inspection will give the buyer the best visual of what it will cost you when the sale is done.
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