Query by hi there: What are my dangers purchasing a small sale “As Is” with a home inspection?
Greatest solution:
Answer by golferwhoworks
The only risk is the utilities could not be turned on and there could be some water leaks etc
Give your remedy to this query under!
{ 4 comments… read them below or add one }
You won’t get a short sale in any condition other than ‘as is’. The sellers are out of money and have none additional to effect repairs.
You need to tender an offer contingent upon successful inspections of various components, reserving the right to terminate your offer if such inspections reveal deficiencies.
You may then renegotiate your offer, or walk away from same, if the proper language is provided in such contingencies.
A property inspection, will only show obvious problems. Things that show up are your responsibility to fix, things that don’t show up are your problem as well.
The problem I have found is that a sell of house with a short sell or foreclosure cannot be contingent with a property inspection. So basically if the whole kitchen is ripped out and it doesn’t meet code (obviously) the bank doesn’t care. The house it “as is.” Take it or leave it. I was told this by a bank and a real estate agent. It sucks, but I was told by two different sources.
ADD: You’ll lose your earnest money, but none-the-less I would still do an inspection. People have poured cement down pipes. That is a big problem.
first with the lender, you can not expect the lender to play with the agreed upon sell amount if your inspection comes back with many problems , in general they will not negotiate much in the price no matter what the inspection states