Buying “as is” bank-owned property – thoughts?

[NotCranky]

I don’t see amy fraud either, worst thing possible is a little buyer’s remorse and if you don’t have that too bad.Some people don’t recommend these deals for novices but I don’t see any problem. Use your right for an inspection thoroughly. I wouldn’t lose a minutes sleep over the mold disclosure unless the house is sitting in a swamp and you notice the smell and dampness.There are other ways to have mold issues but they are reparable. The mold deal is overblown.

You can pull up the carpet around the edges if the seller hasn’t taken it out already.Check for cracks and investigate if you find them. Many slabs have benign cracks as concrete shrinks 1/16″ per 10 feet curing. Hire a separate roof inspector if the regular inspector won’t go up there. If you get bad news that you don’t understand get another roofer’s opinion to go with the first one in case the first one is just trying to make work.

Good luck.

[dharmagirl]

Rustico,

THANKS! I appreciate your feedback. We will definitely have the place thoroughly checked out.

As I said, we’re not trying to pull a fast one. Hardly. My husband is a retired military pilot who is incapable of dishonesty. But, we’re both a little nervous about the “as is” purchase.

We just want to make a good decision and not be stuck with a stinker house.

DharmaGirl
Temecula, CA

[dharmagirl]

Rustico,

THANKS! I appreciate your feedback. We will definitely have the place thoroughly checked out.

As I said, we’re not trying to pull a fast one. Hardly. My husband is a retired military pilot who is incapable of dishonesty. But, we’re both a little nervous about the “as is” purchase.

We just want to make a good decision and not be stuck with a stinker house.

DharmaGirl
Temecula, CA

[dharmagirl]

Rustico,

THANKS! I appreciate your feedback. We will definitely have the place thoroughly checked out.

As I said, we’re not trying to pull a fast one. Hardly. My husband is a retired military pilot who is incapable of dishonesty. But, we’re both a little nervous about the “as is” purchase.

We just want to make a good decision and not be stuck with a stinker house.

DharmaGirl
Temecula, CA

[dharmagirl]

Rustico,

THANKS! I appreciate your feedback. We will definitely have the place thoroughly checked out.

As I said, we’re not trying to pull a fast one. Hardly. My husband is a retired military pilot who is incapable of dishonesty. But, we’re both a little nervous about the “as is” purchase.

We just want to make a good decision and not be stuck with a stinker house.

DharmaGirl
Temecula, CA

[dharmagirl]

Rustico,

THANKS! I appreciate your feedback. We will definitely have the place thoroughly checked out.

As I said, we’re not trying to pull a fast one. Hardly. My husband is a retired military pilot who is incapable of dishonesty. But, we’re both a little nervous about the “as is” purchase.

We just want to make a good decision and not be stuck with a stinker house.

DharmaGirl
Temecula, CA

[NotCranky]

You should be fine. Read your title report very closely. You’ll get insurance but those policies come with some disclaimers. Make sure it doesn’t have any exclusions that affect the value of the property to you,like easements for example. If you catch something instead of waiting for escrow or title to catch it, it could save a lot of trouble. Just to make sure you are not scared by this… Title usually is fine.

[NotCranky]

You should be fine. Read your title report very closely. You’ll get insurance but those policies come with some disclaimers. Make sure it doesn’t have any exclusions that affect the value of the property to you,like easements for example. If you catch something instead of waiting for escrow or title to catch it, it could save a lot of trouble. Just to make sure you are not scared by this… Title usually is fine.

[NotCranky]

You should be fine. Read your title report very closely. You’ll get insurance but those policies come with some disclaimers. Make sure it doesn’t have any exclusions that affect the value of the property to you,like easements for example. If you catch something instead of waiting for escrow or title to catch it, it could save a lot of trouble. Just to make sure you are not scared by this… Title usually is fine.

[NotCranky]

You should be fine. Read your title report very closely. You’ll get insurance but those policies come with some disclaimers. Make sure it doesn’t have any exclusions that affect the value of the property to you,like easements for example. If you catch something instead of waiting for escrow or title to catch it, it could save a lot of trouble. Just to make sure you are not scared by this… Title usually is fine.

[NotCranky]

You should be fine. Read your title report very closely. You’ll get insurance but those policies come with some disclaimers. Make sure it doesn’t have any exclusions that affect the value of the property to you,like easements for example. If you catch something instead of waiting for escrow or title to catch it, it could save a lot of trouble. Just to make sure you are not scared by this… Title usually is fine.

[SD Realtor]

Dharma – Ditto what Rustico said. Any REO purchase will not happen without a complete liability release from the lender. No disclosures, no repairs, nothing… The lender wants to simply get rid of the home and because the lender has never lived in the house, it makes sense that there should be no liability incurred on the lenders part. The liability release documents are pretty daunting but you do have your contingency period to get all of your due diligence done. If you want to call a hygenist to hang spore traps then by all means you can do that. As a side note it would not surprise me if just as many resale homes that are NOT REO have the same results as REO for spore sample testing. That is another subject for another post.

The bottom line is that REO properties are a deal for a reason and this is one of them. As Rus said, due your homework, get your physical inspection done, get any other inspections that you or your inspector or your realtor recommends, and if it still is a go then pull the trigger, if not then consider it money well spent and move on.

SD Realtor

[SD Realtor]

Dharma – Ditto what Rustico said. Any REO purchase will not happen without a complete liability release from the lender. No disclosures, no repairs, nothing… The lender wants to simply get rid of the home and because the lender has never lived in the house, it makes sense that there should be no liability incurred on the lenders part. The liability release documents are pretty daunting but you do have your contingency period to get all of your due diligence done. If you want to call a hygenist to hang spore traps then by all means you can do that. As a side note it would not surprise me if just as many resale homes that are NOT REO have the same results as REO for spore sample testing. That is another subject for another post.

The bottom line is that REO properties are a deal for a reason and this is one of them. As Rus said, due your homework, get your physical inspection done, get any other inspections that you or your inspector or your realtor recommends, and if it still is a go then pull the trigger, if not then consider it money well spent and move on.

SD Realtor

[SD Realtor]

Dharma – Ditto what Rustico said. Any REO purchase will not happen without a complete liability release from the lender. No disclosures, no repairs, nothing… The lender wants to simply get rid of the home and because the lender has never lived in the house, it makes sense that there should be no liability incurred on the lenders part. The liability release documents are pretty daunting but you do have your contingency period to get all of your due diligence done. If you want to call a hygenist to hang spore traps then by all means you can do that. As a side note it would not surprise me if just as many resale homes that are NOT REO have the same results as REO for spore sample testing. That is another subject for another post.

The bottom line is that REO properties are a deal for a reason and this is one of them. As Rus said, due your homework, get your physical inspection done, get any other inspections that you or your inspector or your realtor recommends, and if it still is a go then pull the trigger, if not then consider it money well spent and move on.

SD Realtor

[SD Realtor]

Dharma – Ditto what Rustico said. Any REO purchase will not happen without a complete liability release from the lender. No disclosures, no repairs, nothing… The lender wants to simply get rid of the home and because the lender has never lived in the house, it makes sense that there should be no liability incurred on the lenders part. The liability release documents are pretty daunting but you do have your contingency period to get all of your due diligence done. If you want to call a hygenist to hang spore traps then by all means you can do that. As a side note it would not surprise me if just as many resale homes that are NOT REO have the same results as REO for spore sample testing. That is another subject for another post.

The bottom line is that REO properties are a deal for a reason and this is one of them. As Rus said, due your homework, get your physical inspection done, get any other inspections that you or your inspector or your realtor recommends, and if it still is a go then pull the trigger, if not then consider it money well spent and move on.

SD Realtor

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