Just in case you were not aware, the term AS IS was never intended to imply that you, as a buyer cannot have an inspection. As a matter of fact, if an inspection contingency was denied to you, I would advise you to walk away from that house.
The term itself is really self explanatory in its purest form- What you see is what you get, and no accommodations will be made for any deficiencies discovered in a building inspection. That means no discount off the price for any defect at all, and the seller will not repair any part of the home, including but not limited to faulty septic systems, nor will they remediate any issues such as termite infestation, radon levels, or asbestos contamination.
WHOA!! That phrase is worded strongly! But is it all that, really? Not necessarily, so.
I have come to realize that the term “AS IS” means something different to every seller. Where one seller takes that term quite literally, another one does not.
For example I can think of a number of homes where the seller was adamant about the sale of the property being AS IS. However, it was still possible to negotiate with a seller who declared up front that they would not negotiate on the price based upon a building inspection report. I know, I have done it many many times. So do not let that phrase scare you away, especially if the house is in a neighborhood and/or price point that you desire.
It is all in the upfront communication with the owner and sellers agent, as well as the severity of whatever items are uncovered from the building inspection. By the way, banks are notorious for not wanting to do any repairs or adjust a sales price… but it truly is on a case by case basis when you are dealing with an owner other than an occupant.
You never know if you can negotiate unless you ask, so don’t be shy– just make sure you understand up front what exactly the AS IS term means to that particular seller. It can save you a lot of money.