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juliedealer

03:28AM | 04/06/04
Member Since: 03/23/04
71 lifetime posts
Bvrealestate
My area has alot of foreclosed property. These homes are sold "as is". My realtor tells me that the banks won't turn on the utilities to allow for a proper inspection because they don't want to know what is wrong with the property, if an inspection exposed major problmes they (the bank) they would have to disclose it from that point on to any potential buyers.

Do people really buy homes with no inspection? Any advice?


devildog

09:10AM | 04/06/04
Member Since: 09/16/02
251 lifetime posts
Of course they buy with no inspection. These are the people who wind up crying because they can't afford to fix things. But they saved the $300 for the inspection. I would be generous with the inspection money. I was looking at a house that had brick damage. A car had backed into it. I called some bricklayers and had them come out. I was honest with the guy and told him I was just looking to buy the house. He gave me a free estimate and told me it was structurally fine. The house would not crumble like I thought it might.

My point is some experts may do it for free if they know it might lead to business.

I don't know if the bank would have to disclose anything like that. They are selling it as is. That may take the heat off of them. Now a normal seller in my area has to disclose anything found on an inspection.

Devildog


juliedealer

01:17PM | 04/06/04
Member Since: 03/23/04
71 lifetime posts
my realtor is telling me that when I make an offer I can't make the offer subject to an inspection. I can't see how I could comfortably buy a building with out an inspection !

devildog

06:04AM | 04/07/04
Member Since: 09/16/02
251 lifetime posts
I agree with you. Unless the building is just so cheap that you could fix anything that comes up and still make your money back. These people probably weren't the happiest people in the world when they left their homes. They had just lost their job and now they've defaulted on their loan. It's hard telling what they did when they left. I'm wondering if you could get an inspector in there before you make the offer. Just a walk through between you, your realator and your friend. Who happens to be an inspector.

Devildog


juliedealer

08:15AM | 04/07/04
Member Since: 03/23/04
71 lifetime posts
One of my co-workers bought a repo and it had to pass FHA inspection. She actually called the local utility company and had the utilities turned on so she could get an inpsection done. The realtor nearly had a heart attack, but looked the other way !

I found out by calling the local utility company the gas & elec were shut off in December. From what I can see the worst they did was leave the customary eviction gift in the toilet.

retisin

08:50PM | 04/07/04
Member Since: 05/19/03
457 lifetime posts
Thats what I would do just like devildog stated,get an inspector tell him what is up and not let anyone know he is an inspector just a "friend" that likes to really look things over and see what he comes up with.

Another thing you could do is go around to the neighbors and see what kind of people that lived their were.

Did they keep up with the lawn and do little things to make it better or did they let the grass turn into a hayfield every summer this would tell you if they were or werent lazy or let things slide.

Bring a very good flashlight with you while looking the place over.(no power means hard to see in closets or crawl spaces) don't be afraid to poke around and be snoopy while their.The bank should have no problem with that and if they are bluntly ask them what they are hiding.

When we bought our home even though I could tell everythig was well kept I still opened up under sinks to see if sinks leaked.Opened windows to see if sills or frames were rotted,ran the water flushed the toilets,turned on the shower,poked my head in the attic,then the inspector came in.

Good luck.

juliedealer

06:43AM | 06/30/04
Member Since: 03/23/04
71 lifetime posts
Just an update,

first getting the utilities turned on was easier than I expected. I just called the utility companies and told them I needed them turned on for an inspection. The only cost I incurred was 15.00 fee from the water company.

The closing is planned for this Friday !

k2

09:58AM | 07/01/04
Member Since: 06/06/03
1250 lifetime posts
Here's to your new home!, and to hoping that closing will be quick and painless!

I'm sure we'll be seeing more of you on these forums!

Regards,

-k2 in CO

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