Safety Condition of "As Is" Homes?

We were in a house the other day when a light switch zapped our son. Since it was somewhat dark, he couldn't see that it was live wires where the switch should be. This is a bank foreclosed home. Shouldn't these banks that own these homes give reasonable safety care before selling them (or showing them)?
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November 02 2007 - US
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Replies (10)

Profile picture for 2 Big 2 Fail
Banks have so many homes they can't possibly inspoect each one. Just use caution... only look at vacant houses during the day time, perhaps.
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November 02 2007
I believe houses couldn't be sold with bare wires showing, missing wall plug covers, etc. Not even "As Is". I think the fire dept could go in and force them to fix it.
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November 02 2007
Profile picture for 2 Big 2 Fail
That's nothing. I have seen homes with holes in the floor. One wrong step, and you are taking the express elevator down to the basement.
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November 02 2007
Profile picture for caliguy
Agree with Alpine about banks not having time to inspect them. Heck, they don't even pay attention to HOA dues and are neglecting those in some cases, not to mention the landscaping. I was in a bank owned one recently that obviously had some issues - a good part of the second floor was excessively creaky (in multiple rooms) and didn't feel level. This is a house that was built about 10 years ago.
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November 02 2007
Profile picture for yellowjessamine
ANY home sold "As Is" means exactly what it says. So many vacant homes are being robbed for their copper content and even the toilets, sinks, electrical socket and switch covers, etc, that it always behooves one to be very very cautious, even if it ISN'T an "As Is" home.

I think the laws vary from State to state and many folk - including banks and other mortgage holders, even owners - are not aware of what those laws are. That's how we got our first house so cheap - it had a huge tree through the roof. The mortgage holder was unaware of the state law that required all repairs be made to make it livable prior to selling the home. After they accepted our offer, our lawyer made them aware. Mean? Rotten? Yup. If you don't know the rules of the game, you shouldn't play... Got a brannew roof and attic and living room ceiling outta that.
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November 02 2007
That was the angle I was thinking of Yellow! Just wondered if anyone knew CA RE laws. It's been 15 yrs since I took my RE/Law type classes! I smell serious money if i'm right.

I do remember my coursework said all wall sockets MUST have covers, no bare wires, etc.
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November 02 2007
Profile picture for robin398
Because foreclosed properties are bought "as is" from a lender or HUD, there is no guarantee regarding their condition.
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November 02 2007
Guess I gotta find a lawyer to answer this one. lol
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November 02 2007
A bank can refuse to lend on it, but the seller doesn't have to fix anything. A house in CA is sold as-is unless otherwise agreed to in writing.
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November 02 2007
Profile picture for Randy_H
A colleague of mine just bought REO down in the South Bay. The bank was required to provide all known disclosures. According to him they disclosed a whole stack of trivial minutia, apparently to ensure they weren't liable for anything. They also included the best home warranty "insurance" I've ever heard about, apparently, standard with all their REO sales. Again, probably to keep all sales final final.

He feels he got the most thoroughly disclosed and transparent house out of his 5 purchases to date with this one (his first REO). He also has a vacation home somewhere up around Tahoe, bought normally and not as-is, and he has terrible problems with things that were wrong.
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November 02 2007
 
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