Perhaps some other members have different experiences.
adding to the list if it applies:
Contingencies regarding examination of leases and verification of deposits.
This goes without mentioning assuring the rights of a tenant and monies held on their behalf.
It is further important to establish the ability to ascertain insurance on the property. The concern for certain properties not qualifying. When applying for a mortgage the lender would base their approval on this condition.
However in a cash transaction this may have some serious consequences.
Title is mentioned in most contracts and so are deeds . Make sure that the it is marketable.
The list goes on and while some not readily recognized and used, each case and purchase requires further legal advice.
My concern in this market is to establishing value. Even as a seasoned broker identifying true market value is a challenge . Rather being sorry adding a contingency clause "property offered at $$$$$ must meet appraised value $$$ or this contract is null and void.( *regardless if this is a cash transaction)
The next concern is outstanding violations which are not always reported on inspections and omitted in an as is sale. Checking with the city (must for all buyers today) violation on outstanding permits or incompletion of work done can be costly when cities and towns are looking for revenues. You could end up in a law suit or as a target for unpaid bills.
A contingency that provides due diligence to establish findings of any and all information pertaining to the property, which may address adverse action and have negative effect on the property, with a recourse of terminating contract if conditions are not remedied within ... days.
Chad I commend you on your question it shows that you are indeed a cautious buyer. While we as realtors able to give you valuable support I would highly recommend to review all contracts with an attorney.
Years ago attorneys were known do blow deals because they were often too protective. In this market you cannot be overprotected and their knowledge will be most valuable.
If you are interested in checking out more foreclosed properties there is a great web-site http://www.a2foreclosrues.com check it out. Fran