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Question about contract for purchasing foreclosed home?
My fiance and I made an offer on a foreclosed home today, and we waived the home inspection to make our offer more desirable to the bank. Since the home is 'as is', we didn't want to include a lot of stipulations, such as turning on the utilities to conduct the inspection. Unfortunately, I could not get ahold of our bank to ask if an inspection is required under the terms of our mortgage loan. Let's say our offer is accepted by the bank that owns the home, but my bank demands a home inspection. Will we have to rewrite the contract to include a home inspection and then submit the offer again?
3 Answers
- acermillLv 71 decade agoFavorite Answer
If you wrote the offer without contingencies for either financing or inspection, you're stuck with what you wrote. You have a valid and binding accepted offer as you wrote it. For your sake, you can only HOPE that the bank owning the property will cooperate with your requests.
- loladrewblueLv 41 decade ago
You should NEVER buy a home without the benefit of an inspection no matter how sweet the deal maybe. Even if it is a new home you should have it inspected.
- Feeling MutualLv 71 decade ago
The bank would have to be pretty stupid to not require an inspection of their collateral.
