There is a tendency in todayâ€™s market for buyers to walk out of a transaction and the home to go back on the market. There are many reasons why a buyer may choose to cancel a transaction. If you are concerned there was an issue with the inspections, you may ask the listing agent if he or she had knowledge of any issues. The listing agents should disclose any condition they have knowledge about.
With the bank-owned homes and short sales as- is sales, buyers are accepting properties that need cosmetic repairs. The best thing a buyer can do is have their own inspections to be aware of the condition of the home they are buying. Check with your financing because some loans require the home to be in repaired condition.
Prudential California Realty
(209) 239-7979 - Carol@PerdewHomes.com
I hope this helps some. REO's can be tough, yet sometimes rewarding.
Keep in mind that if a home is not currently habitable, one of the only mortgages that will work to buy it is a FHA 203k mortgage. This is especially true if it is a HUD-owned home.
During the inspection, many buyers don't realize that the seller (bank, etc) will normally do NOTHING to help you or your inspector out. You will need to pay to dewinterize, and then rewinterize. You will also need to pay to turn on utilities so that all of that can be inspected as well. A lot of this doesn't get done and the inspector cannot inspect properly, and the buyer ends up backing out per an unsatisfactory/ incomplete inspection.
If you need any help with going thru this, especially with the financing end of things, please let me know.
Thanks, and good luck,
You can always ask about it, as it's a legitimate concern. They don't, however, have to show you the inspection report or specific details of the property, unless they consent from the seller.