Agents, I just wonder if you are explaining to your buyers what "as is" really mean or are you letting them tell you how they are going to get it?
Offerrs come in with written notice on it that the buyer understands what "as is" is and they are buying this property in as is condition. They sometimes bid high and then come up with a laundry list of "repairs" and ask for a credit for the repairs! And as we know most buyer inspectors do not miss reporting anything... and sometimes will over state the damages because they are working for the buyer.
This is a very important part of the purchasing foreclosed or short sale home that every buyer should know. Investors usually know more about this than owner occupied purchasers. Some buyers know the work arounds and will try to use them on each and every purchase they make an offer on. Sometimes it works.... sometimes it does not.
The banks are not liking this and if the company is Wilshire you may find that they reject the request and seem to not want to do business with that buyer. Although this technique does work with some banks, it is becoming wide known this is what the buyer is intending on doing and so the bank will simply not approve the request for the credit or to do the repairs as requested.
Some will flat out reject, some will cut the number down to only the items that will fall under FHA inspection guidelines and not pay for the rest.
So yes, there are several games that you can play which trying to buy a property for dirt(y) cheap and No not all banks are equal approving your requests just because you are escrow.
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Thanks for the post. It seems the market has a lot of those as is properties out there. Buyers really do need to understand it is going to be on there dime to fix any items that need to be repaired.
Matt Naumann
www.mattnaumann.com