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Walk out after inspection for bank owned property

Will we be able to walk out after the inspection even for a bank owned property? Since bank mentioned selling "as is" ?

  • March 07 2012 - Franklin Park
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Answers (5)

Yes, if the inspection finds major structural defects which will affect the value of the home.  Major termite damage, water damage, or roof issues are the most common.

You probably won't be able to get insurance if your home inspection reveals these types of problems.  If you can't get insurance, you can't purchase the home.

You can ask the bank to  make repairs, negotiate a lower price, or back out if you don't want to deal with it.

  • March 07 2012
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Profile picture for Lawrie Lawrence

I would suggest speaking to a Real Estate Attorney.

  • March 07 2012
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Profile picture for nwhome.us
As a side note: "As is" is not a supportable legal term.  It is far to open to interpretation.
If you have an inspection contingency the wording of that addendum should indicate whether or not you are required to give a specific reason for your termination or not.  What does it say?
  • March 07 2012
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depends on contract. ask your attorney
  • March 07 2012
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Profile picture for Rita Walker
All is according to the terms of your contract. Many banks give a ten day inspection period for you to say yes or no.
Talk with your Realtor and have her/him walk you through the bank addenda that you signed.
  • March 07 2012
  • 1Yes

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