1) seller is already "underwater" and cannot afford to put another dime into the property but who offers full disclosure to the buyer of any known problems (with the selling price discounted accordingly).
2) seller is trying to make a fast sale and may or may not be aware of all the problems but regardless, there is no mention of any problems.
In either case make sure you get a well recommended inspector (of YOUR choice) to checkout electrical, appliances, structure, plumbing, roof, foundation, drainage, septic function/level, as well as any pending right of way claims, new construction (e.g. race track) in adjacent lots, etc.
The point is with a "as is" they are telling you they are not gonna negotiate on "fixes". Once your inspector has a list of fixes the only option then is to lower the price by estimated cost of repairs. As far as pending changes in the neighborhood that could devalue the property, best to check with people who live there to see if any changes are planned. RE agents are supposed to be plugged into development activities so they should also disclose if they know of any pending changes in the neighborhood.
Don't be left holding the bag.....
