Can I do an home inspection on a foreclosure purchase?

Most banks are running for the hills. They have a lot of houses in their inventory which are "Non-performing assets." This means, these houses in their inventory ARE NOT making them money. So the banks are trying to sell them for quick cash. And they are taking big losses. Even those the MLS listing says "As-Is," DO NOT think that you are foregoing your opportunity to do a home inspection.

Just because the bank says it is not fixing anything, DOES NOT mean that you cannot have a home inspection. Let's really break this down, I would not spend $250,000 without the opportunity to really see what I'm getting into. Make sure you are using a realtor and of course a good home inspector........a wise $250-$300 inspection is A SOUND INVESTMENT especially when you're spending $250,000!!!!

So in your contract, make sure your realtor writes a home inspector. Sure the contract that comes back from the bank says AS-IS, but your realtor can advise how to get out of the contract should the home inspection results be too heavy.

Bear in mind, that if the house is selling $100,000 below market value, then of course you'll have to expect a few repairs including paint, carpet and other cosmetic items. I've yet to be involved in a transaction when carpet and paint were $100,000......

Next month I am purchasing a townhome for $216,000 that last year was $316,000!!!