Foreclosure in Plantation>Question Details

Ofir Gabay, Real Estate Pro in 33322

Foreclosure REO listing requiring inspections to be done before contract...anything to worry about?

Asked by Ofir Gabay, 33322 Thu Aug 20, 2009

My client is interested in a listing but it requires inspections to be done before a contract. I don't want my client to invest money on an inspection without even knowing if her offer will be accepted. This particular property has also been off and on the market for a while now, has me worried about the condition of the property. Listing agent says it is due to buyer financing issues. Am I just being paranoid?

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Since it is a AS-IS, if you do a inspection after the contract is accepted, then you can't get out of the contract if the inspector does find a problem with the house. So if the foundation is found to be bad, it needs a new roof, mold or what ever is found after the contract is accepted, your client is stuck with it. Of course your client can just not close and lose the deposit.

If your client is really interested in the house, it's better to do a inspection before handing in the contract. It kind of depends how bad your client wants the house and is willing to maybe going up to listing price.
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0 votes Thank Flag Link Thu Aug 20, 2009
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