No disclosure is required because the seller has no information about the house. They typically prefer to sell "as is" period. however, in some cases, the buyer has a limited time period in which they are allowed to turn on the utilities and have a professional inspection of the home to determine its condition. You want the inspector to be working for you, that is why you are allowed to hire the one of your chosing. The extent of the inspections you get depend on how much money you are paying to get them. You may wish to pay the extra money to a qualified plumbing inspector who has the cameras to run through the sewer line as you watch their computer monitor; this will show you if there are breaks in the sewer line that you would be responsible for fixing at some time in the future. If the house is on a Septic Tank, as opposed to city sewer, then you definitely should pay for that inspection and see if u can get a health certificate and if the tank is up to date on its certifications. Check w/the county health dept to see if there is record of problems w/this property. Listen foreclosures are not for everybody, particularly the inexperienced buyer with limited savings. "Deep pockets" are recommended.
Otherwise, stick to regular pre-owned homes and brand new homes where disclosures are required and you may or may not have legal recourse after the sale against sellers who intentionally fail to disclose that which is required by the law in your area. Of course, you will still have to endure the expenses of court fees and such if you find you have to sue these people. This process is not available to a buyer of a foreclosure. Good luck to you.... more
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Conventional guidelines require 7 years to pass when there is a foreclosure in the credit history. However, there are now several jumbo programs that allow less than 7 years on a foreclosure. Rates tend to be higher on these options, however, we sometimes see the terms not far off of conventional. With loan amounts that exceed the FHA or conventional county limits a jumbo loan, as above may be the best fit by far. If you need help with these, there's a good chance we can help.... more
I am licensed in Indiana and Florida and specialize in helping people that others don't or won't help. We have a fantastic FHA program that really helps, and the best part is that we are licensed in all 50 states, so I can help you get with someone to personally help you. I would love to hear from you: http://www.phmc.com/coreyvandenberg Subprime mortgage and prime home loan mortgage banker.... more