Several of our Urban Connection readers have asked us what AS IS means when buying a home or condo in the downtown Phoenix area. This comes up often when people are buying bank owned homes or short sales.
Lender owned homes seldom offer the option of having repairs made to the home and the majority of people selling their home as a “short sale” simply don’t have the money to make repairs. Therefore, as a home buyer, you will be asked to sign an addendum to the contract that explains what is expected of you and the seller when selling a home in “AS IS” condition.
Your Urban Connection Team has created a little YouTube video that gives offers an overview of the AS IS addendum created by the Arizona Association of Realtors. Below is the video:
Obviously, this is simply an overview of the Short Sale Addendum and does not go into all the nuances and implications of the document. However, we hope it gives you a broader understanding of what as is means when buying a home or condo in downtown Phoenix, AZ.
Gene Urban & Ron Urban
The Urban Connection Realty Team
602-234-5777
