How specific do I need to be on why I would like a contingency on an offer for and REO?

Asked by Molly, Illinois Tue Nov 25, 2008

My agent told me that I need to give a reason why I want a contingency of a home inspection when I put an offer for an REO. The property needs a lot of work but I don't know how extensive the damage is. I may change my mind about buying it if the house is in extremely bad condition. Do I have to give them my limit as to how much money I am willing to spend on repairs?

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