Jacky VanDusseldorp

Maria,

I agree with all of these answers. One thing I would add that I always tell my clients (who are not investors) is to have the home inspection done before making an offer. Typically, the home inspection takes place after the offer is made and the contract is then contingent upon the home passing the inspection. However as these professionals have answered, the bank owned homes or foreclosures come "as-is". Many buyers of these foreclosure are first time home buyers in my area so to alleviate the worry of "what happens if I find something later" situation, I refer my clients to a reputable home inspector who will inspect the property for them and give them a full report on the homes condition. The inspection is just for their own knowledge and most likely they will not be able to go back to the bank and tell them to fix anything but at least they will know if the home is structurally sound and habitable. The only negative side of getting the inspection done before making the offer is of course the buyer will be out the $400+ for the inspection if they do not buy the home. In my eyes though, a $400 home inspection is a cheap way to alleviate the hundreds of thousand dollar risk on a home investment. Good luck to you! - Thu Jan 22 2009, 08:25