There is nothing legally binding about the words “as is”. Additionally the lenders don’t want to deal with the entire transaction process, documentation etc… It all presents more work/liability for them. Even with that said, when you buy an REO property you are presented with a stack of private paperwork from the lender that is all release of liability, things like mold, termites, even general disclosure. The lender never lived there so they really cannot disclose anything about the property.
When will they become truly motivated?
The sooner the better!! I guess each lender decides for themselves when they should get off the pot.
