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Beware What You Disclose or Reference w/ “AS IS” Deals

We have had several relatively clean “AS IS” deals delayed by references to Transfer Disclosure Statements (TDS’s) and/or Agent Visual Inspection Disclosures (AVIDs). The Realtors were careful not to reference termite reports or any other inspections in the purchase contracts, but they did reference TDS’s and/or AVIDs and the underwriters called for them. And unfortunately, these forms disclosed some major structural issues that the underwriters wanted repaired.

Remember, both FHA and Conventional Loans can be “AS IS”, but underwriters can and will request any documents referenced in a contract. We suggest referencing all potentially damaging documents in an addendum only. Otherwise, please make sure that all referenced documents do not disclose structural or repair issues when they get sent to us or any other lender.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167