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Real Estate Tips: Articles on the Flagstaff Real Estate Market: Past Articles [May 2009]

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What “As Is” means when buying Foreclosure or Distresses Properties

An individual considering the purchase of a property in “As Is” condition should proceed carefully.  Upon negotiating a contract, the buyer should conduct an independent inspection and investigation regarding the premises.  Upon completion of the inspections and any other investigations, the buyer can ask the seller to repair those items that may be health or safety issues.  However most institutions who are conducting a distresses property sale will be reluctant to make repairs as they are likely losing money on the transaction.

In Arizona, members of the Arizona Association of Realtors use an “As Is Addendum” which is included with a listing contract.  The real estate agent representing the seller will have included it in the listing agreement and a buyer must sign that they acknowledge the risks associated with buying such a property.  I have posted a sample of the addendum atwww.marymonday.com/docs/seller_asis.pdf.

My best advice is to enlist the services of a competent realtor if you decide to purchase a distressed property in “As Is” condition.  You will be glad you did.

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