"as-is" disclosureWe just "escaped" an REO listing in Gig Harbor that had major defects found by our inspector. First was the circus of trying to get the utilities on for an inspection. This REO "processing mill" is located in India, Florida and who knows where else. The inspector found the siding was falling apart (LP siding) and needed to be immediately replaced due to mold and rot BEHIND the siding. The estimate for replacing just the siding properly was $30-50 thousand dollars! Question now is: Their addendum says "Buyer is hereby informed that Seller is unaware of any latent defects..etc." Well, now they know since they have copy of our paid inspection report. We also found out that the listing agent KNEW about this defect from the beginning of the listing. Doesn't an agent have to disclose defects even if the bank has a get out of jail free card, "As-Is" disclosure? Now we're out about $1,000 dollars for inspection & appraisal. Buyer beware!! December 15 2010 - US11YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.