This may come off as a bit of an rant and I'm sorry. I was speaking with another agent today, who seems to think he knows it all.
There is a common misconception that an As-Is addendum to a property means that the sellers will make no repairs. This is simply not true. If you read the contact (at least here in AZ) all an as-is addendum does is voids the section in the contacts that hold warranties on the property. It also makes no warranties as to the zoning and other uses of the premises. No where in the contract does it state that the buyer gives up their right to negotiate repairs or credits for repairs on the property.
I got a call from an agent today who represents the bank of a foreclosed property that one of my clients has an offer on. Right off the bat we knew of several issues with the property..(holes is walls, pet soiled flooring, painting, cleaning etc.) We elected to do an inspection and found several other issues with the property that we were not expecting (the house is only 3 years old). We sent notice to the bank asking for repairs or credits for these unexpected items. The agent called me back and acted like I didn't know what I was doing, because the property was sold As-Is.
I informed him that I have been doing this for a while and knew the contract and the As-Is addendum well. I explained that signing the addendum did not take away our right for inspection negotiation. Obviously the bank is welcome to deny our requests, but nonetheless, we have the right to make them. He told me that he strongly disagreed with my way of thinking. I then replied...you don't have to agree with me, just read the contract and the addendum. Well, he hung up in a huff and I have not yet heard back from him.
My problem is this, we are the professionals in this business. We should know what our documents say. This agent should have stated in the contract....."Seller will not make or negotiate any repairs to property" along with the As-Is addendum. But he didn't and obviously he's never read the addendum.
I feel much better now that I've gotten that off my chest!!
Thank you.
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