"As is" Frightening words on a spec sheet!

Let's clarify "as is" on a spec sheet. Whenever I have seen it, it makes me suspicious, worry no longer, it isn't as frightening as you would think. It merely means that a seller will not complete the Real Estate Condition Report (RECR), leaving the buyer responsible for determining the property condition, and/or the seller will not repair the property or "cure any defects." However, an "as is" does not free the seller or the agent of disclosures. A seller cannot create risk, nor does this mean that an agent doesn't have to perform their property inspection diligently. Also, a buyer is still allowed an inspection contingency and this would give the buyer the option to back out of the offer if defects were so bad that the buyer no longer wanted the property. But if the buyer still goes ahead with purchase and defects have been found, a buyer can not return to the seller for compensation with "as is" language included in the offer.
THE BUYER IS SOLELY RESPONSIBLE FOR DETERMINING WHETHER THE PROPERTY IS IN ACCEPTABLE CONDITION.
paraphrased from WI Real Estate Mag. June 2011