"As is" property questions

[Chris V.]

We're looking at a bank owned property that is listed at a great price for the size and neighborhood, being sold as is. We're interested, but concerned since we don't know a lot about the condition. Any experience on this? Are there ways we can do to protect ourselves and still make an offer? Does "as is" mean we can't get an inspection or back out if there are major problems with the property? We're new investors and don't want to make a big mistake on this. Thanks!