"AS IS"...Did You Know?

I'd like to address a common misconception about AS IS properties.

A realtor was told by his in-house mortgage broker when a home is listed AS IS, the banks won't touch it.

Is that categorically the case?

Fact is - It is NOT true, it usually just means that the inspection report might be required by the lender as well as an appraisal.

One exception is when there's a history of a drug lab or "grow op". In that case, one needs to know which lenders will accept these types of properties. It's also important to remember when obtaining a mortgage on these types of properties, lenders generally require a high down payment (think 30-35%) and often charge high interest rates.

Each situation like this is completely different, so it’s always advisable not to pre-judge properties.

Bottom line: With an AS-IS sale, you just need to know why it’s as-is, and proceed with a licensed, qualified, independant mortgage professional you know and trust.