Consumption and Real Estate
What are the rules of doing a home inspection on a bank repo?
Question : What are the rules of doing a home inspection on a bank repo?
I am looking to buy a bank repo in CA. I know there are no warranties and it is sold as-is, but for my own protection I would like to have the home inspected to see if there are any major issues. I know they also will not fix anything that they find as and issue. I just dont want to get into this house and find that there are major issues and perhaps not purchase it if there are. Any insight on to what kind of rules there are would be great. Thank you.
home warranty protection
Best answer:
Answer by col. Kurtz
For the most part it is “buyer beware”. All REO’s are listed with a broker so you should have the opportunity to perform an inspection as a contingency to closing the deal!! Use your own Realtor though cuz you need your own advocate not the bank’s cronies… And be aggressive with the price cuz there are a ton of listings out there right now…
Well, this isn’t necessarily true.
You can write the contract with an inspection contingency, meaning that you have to approve the home inspection or the transaction is void.
I have heard of some lenders doing repairs, so that is not completely off the table. A friend of mine just had an REO where the lender fixed the septic system. The lenders realize that some things will not fly, and no lender will issue a loan on a home with a faulty septic.
There are no hard and fast “rules” here, so make your offer and charge forward.