Foreclosure in Piedmont>Question Details

Robbie Bell, Home Buyer in Greenville, SC

A forclosed home, I want to make an offer on it. I want to have it inspected before I make the offer.

Asked by Robbie Bell, Greenville, SC Tue Mar 25, 2008

Can't I do this. Fanny Mae owns the house. I want it. If they can't give me an answer in a reasonable time period, I'l cancel my offer to them. They can't just sit on my offer indefinitely until they figure something out can they?

Help the community by answering this question:


Hi, Robbie. You need to make the offer first to see if what you offer will even be accepted before spending your hard-earned money on an inspection for something that may not even happen.

Hold onto your money as long as you can!
0 votes Thank Flag Link Tue Mar 25, 2008

Hello. It sounds like you might have a couple of questions. You mentioned you want to have the home inspected before you put an offer in. I have worked with buyers purchasing a bank owned property and they have had a contractor they work with come look at the home to help them evaluate the work needed before they put an offer in.

Time frame to hear back from the bank sounds like the second question. Unfortunately this can vary widely. A buyer I work with put in an offer on a bank owned property in January and we are still waiting to hear back. On the other hand, I have put in offers on bank owned properties and have heard back in a few days. Also it is important to know that you can write an inspection contingency time line in the contract that gives you the opportunity to inpsect the propety to determine if it is the condition you expect. Bank owned properties are almost always As Is sales, with the bank not willing to do any work to a property.

The time lines for banks can vary widely and it is very important to have a buyers Agent working on your behalf to try and get as much information as possible regarding the banks typical time lines and the expectations of the various banks as well as to guide you through the buying process.

If you have any other questions regarding purchasing bank owned properties, feel free to contact me.

Good luck!

Lisa Cartolano
Visit my blog, Real Estate News Without The Schmooze at
0 votes Thank Flag Link Tue Mar 25, 2008
Robbie, do you have a buyers agent? Just curious. I am not sure why you would want to do a private inspection prior to putting in your offer. You could end up spending a few hundred dollars to have it inspected only to find out that you and the seller will never agree on price and terms.

I would write the offer and ask to have the 10 day right to do a private inspection. That would start from the time that you have an accepted offer. Realize that for a foreclosure this is to give you information on the house. The bank sells the property "as is". However, if the house is so bad you want to walk away after inspections you can walk away. You are out the money for the private inspection, but you can get your earnest money deposit back. Trust well spent than getting yourself in to a financial disaster!

I have sold Fannie Mae properties before. It should not take too long for answers. I would think worse case scenario a few days for responses.

If you need help please let me know as this is an area that my team and I service. My website is

I hope this information is helpful! Best Wishes!
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0 votes Thank Flag Link Tue Mar 25, 2008
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