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by Anonymous on November 10th, 2004

Anonymous

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In the normal home buying process, issues found during the home inspection allow you to back out of the purchase. Does this apply to foreclosures also?

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Answers. 4 helpful answers below.

  • by Thriftymaid on August 11th, 2009

    Thriftymaid

    Depends on the papers. You read the papers inside outside backwards and forwards when buying a foreclosure. The bank will have all of the power.

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  • by irvirv on August 11th, 2009

    irvirv

    It depends on your state law. In Arizona if you use the basic MLS purchase agreement you still have your 10 day inspection period and can walk from the sale without penalty during that time. A lot of people confuse the "as is" clause with this 10 day inspection. "As is" means the seller (the bank) will not make repairs. It does NOT mean you are waiving your inspection period. If you try to back out after the 10 day inspection (or 5 day or whatever) because the bank won't repair something then you're out your earnest deposit. During the inspection period you're covered.

    Hope this helps.

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  • by Go know thyself is THE RED QUEEN on July 28th, 2009

    Go know thyself is THE RED QUEEN

    No and the worse the condition of the home after the initial inspection the worse it is on the one left holding the note. You are responsable not only for paying off the mortgage but also for the repairs that need to be done.

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  • by DARON J on November 29th, 2004

    DARON J

    Normally the sell of a forclosure is "as is" . This is supposed to be stated in the realestate listing. If this is the case then you would lose your earnest money if you back out of the contract.

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