The term "AS-IS" in real estate indicates that the home is being sold in it’s existing condition. The homeowner will not be making repairs nor offer credits for problems the property may have. The sellers still need to disclose what they know are issues with the home according to the “Residential Real Property Disclosure Report”.
The buyer has the responsibility of doing their own due diligence in any purchase. As long as the buyer receives the disclosures and does appropriate inspections the buyer should have a good handle on the condition of the property.