What Does The Bank Mean "AS IS" No Disclosures Wave Of The Future

The banks seem to be able the make their own rules. I'm not an attorney but have long heard that the as is clause must refer to something specific, like the water heater is sold as is. . A seller  cannot carte blanche the whole house as is. At least, it doesn't stand up in court. Banks usually provide documents saying you accept "no disclosure" and accept the as is clause and they have the attorneys to defend them in court. I don't know how listing agents get a way with not disclosing material deficits. I doubt the banks would defend them. What could they say? "We told him not to tell."

Tere I totally agree.  If the sale did not go through because of something that was discovered during a home inspection, then it should be disclosed.  Even this would not relieve the buyer of hiring his/her own home inspector.  The truth is that in a lot of cases, no one discloses relevant information because it would in fact scare many buyers away.  At the same time, both the seller and listing agent have a obligation to disclose material defects.  But instead, they just hope that the next inspector doesn't notice the defect.

In Louisiana listig agents have developed a cajun two-step with inspections. If the buyers are backing out due to inspections, most listing agents DO NOT want to see the inspection report. Thus, they can still claim they don't know of any defects. Just a bit sneaky if you ask me...

Tere,  I had this same scenario happen to me with a bank-owned property.  My buyer was under contract and during inspection the house turned up toxic mold.  I turned over lab reports from an independent lab to the agent for the bank.  His response was, "I don't believe you,"  I was stunned. 

We cancelled the contract (As-Is w/Right to Inspect).  The bank then turned around and sold the property for full price never disclosing there was toxic mold.  I always wonder how that agent sleeps at night.  I don't know if the bank ever knew since the agent didn't "believe" me, despite the fact there was factual documentation from the lab.

In Michigan the transfer tax must be paid but the law doesn't say it has to be paid by the seller, everything is negotiable. 

In GA, only properties for sale by government entities are exempt from the transfer tax.  This includes proeprties with Fannie, Freddie, FHA, and VA as the sellers.

In Ct there is a line item written into all contracts that the seller (Bank) must turn over a lien free title, (Taxes). As for not disclosing, if the seller's agent intends to continue working with their fellow realtors, they should disclose. If not their next clean listing could see very little action.