REO's typically are sold "as is, with no repairs done by the seller". That is why many of them are sold to investors, who often are willing to take a risk on unknown conditions and repairs. As a home buyer, you can do one of two things:
1. Have the house inspected prior to your offer. You will be able to submit a stronger offer with no inspection contingency and often can buy the home for less because you have knowledge of its condition.
2. Purchase it in "as is condition", but with the stipulation that you can have inspections done at your expense during the first few days after the contract has been accepted, and you can terminate the contract if you are not satisfied with the inspections.
The CO inspection is typically ordered through the municipality or the fire marshall. Those inspections are usually not expensive, but if you have an independent whole house inspector and termite inspection (I recommend you do) plan to spend $400-$500.... more
Confused from your question HOWEVER if I understand the question:
If you want to sale your home via a short sale requires lender approval by submitting a hardship package and other documents required. Lender will forward their specifications.
Can you purchase after you sale your home, it all based on credit scores, debt ratio, employment history, downpayment. Short sale will tank your credit could be up too several years prior to able buy another home.... more