Can I Force Bank Response On “As Is” Property Bid? Ask a REALTOR®
We are in the process of buying a bank owned property that was listed “as is.„ Upon inspection, we found several bid deal problems. We submitted a letter to suggest contract price reduction with all of the inspections and estimates to our agent who delivered it to the selling agent.
We are being told that the property is “as is„ so we can purchase or not, which I completely agree with; I just want the bank to respond to our findings in writing. The selling agent is saying that those people are refusing to acknowledge our letter and we knew the contract was “as is.„ Is there any way I can require a response to be in writing?
-Katie
As a Broker, I would always prefer all communications, especially transactions like this that are considered a “Special Conditions” transaction, be in writing. Unfortunately there really is no way to force the bank to respond, unless there are other legal circumstances.
If that were the case you would need to consult with an attorney. The bank may even be under instructions from their legal department or council to refrain from responding to questions concerning the condition of any of their properties.
Acknowledgement “may” constitute some sort of liability on the part of the bank, I don’t know. As long as the property is advertised being sold “as is” and you made an offer acknowledging this condition of the sale, those people are not under any obligation to respond.
However, as this may be a legal question at this point, you may want to ask the same question of an attorney.
Barrett Powell is a broker and the owner of The Barrett Powell Team in North Carolina.
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