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Peter Walther, Real Estate Pro in Richmond, VA

Should I get a property report before I bid on a property?

Asked by Peter Walther, Richmond, VA Tue Mar 31, 2009

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Since your question relates to Foreclosures, I am assuming here that you are talking REO. Generally, you can make an offer contingent (yes, even on REOs) on a property inspection by a professional. Why spend money on a professional inspector until you know that you're otherwise going to move forward with the purchase?

Read through the blog post below, and follow the links to the REOs section; it will answer this and many other questions you may have (or may not think of until it is too late).
0 votes Thank Flag Link Tue Mar 31, 2009
If you are buying a bank owned property that indicates that the property is being sold in as is condition it is important that you get a condition inspection report before making a offer. But when you do this make sure you want to purchase home, because the cost of the inspection will not be reimbursable.

If this is not a bank owned property I would inspect this with your realtor and make any offer subject to the inspection and us the inspection as a safety net to identify anything that you might of missed. Also if it is not a bank owned or never owner occuppied property there should be a property condition report completed by owner that will give you the condition items that may be a concern.
0 votes Thank Flag Link Tue Mar 31, 2009
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