Is it possible to have a home inspection done on a repossessed home?
My fiance and I are interested in purchasing a foreclosed home. The realtor is trying to get us to buy it without having a home inspection done, but I wasn't born yesterday. My question is, will the bank that owns the home agree to turn the utilities on so that we can have an inspector run tests on them? So many expensive things could be wrong with the house (septic, electric, etc) and I don't want to purchase it without knowing what we're getting into.
chatsplas2008-04-06T07:58:14Z
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NOT enough info. Many foreclosed homes are sold AS IS without opportunity for any inspections, viewings, etc. If you don't have the stomach for that, look elsewhere for a home rather than capitalizing on some one else's misery.
Sometimes, inspections can occur, but generally NOT if the former owner is still in possession of foreclosed home. Doesn't hurt to ask, and you're wise to be cautious when making your biggest investment. As to utilities being turned on, probably not IF they've been turned off. If owner is not in possession, then the bank probably has them turned on.
Do not buy a home without an inspection. You should insist on seeing what is working or not working. Most foreclose homes are sold as is. But as is means you pay lots of money to fix it. I repeat do not buy a house without a home inspection from someone you trust. Many home inspectors get thier business from real estate agents and are in their pocket so to speak. Also get rid of that agent that wants you to buy without an inspection.
a house inspection shouldn't take extra effective than a pair of hours, till the situation is particularly great. The extra durable area is getting a time set up that's handy for the two you and the inspector. July sounds like a lengthy escrow time. Did the two you or the broker ask for that? Thirty days is usually a superb style of time for each little thing to be carried out.
They will turn it on, they have to before closing. Your bank is likely to require it before they will give you the loan.
But, the REO's are "as is". You will have a hell of a time getting out of the sale. Something very major will have to be wrong, major enough that your lender will stand behind you and refuse to close the deal.
If you are squeamish simply ask your real estate agent not to show you REO's. Tell her you want a normal place, with disclosures and inspections done.
Bottom line- Yes- you can have a home inspection for "information purposes only" prior to closing for your own benefit. No- you can't get out of the contract on a home inspection because the property is being sold "as-is".