Are Inspections Possible On A Foreclosure?????
I need help!
I am interested in purchasing a foreclosure in my area (Long Island). The auction will be on Tuesday, March 2nd. I have attempted to contact the homeowner---it seems no one may live at this residence. I contacted the bank, and the lawyer for assistance on bringing in an engineer. As I knew, they could not help, and instructed me to contact the homeowner--which seems impossible. I have one business day left before the auction and I cant verify that the building is structurally sound! I know the homes are usually sold "as is" at auctions. I have also read on the forum that sometimes you are given a 10 day inspection period. The bank or the representing attorney has no idea. I went to the town hall that holds the auction, and they have no idea--their response was that they only house the auction.
Any suggestions!!!
thanks in advance 
I infer from your post that you have never attended a Sale. If that's correct, you are making a common mistake... I would suggest that you attend at least one or two sales before you intend to bid. Just to see how it's conducted, and get an opportunity to chat with the regulars who attend many sales...
If you must submit a bid without making an inspection... you are buying a pig in a poke. Adjust your bid in anticipation of the worst case scenario.
Or, wait and see if the property becomes an REO. Then, you'll have ample opportunity to inspect the property before makoing an offer.
Better safe than sorry.[ Edited by TheShortSalePro on Date 02/28/2004 ]
S S pro is right on!! Usually it is AS IS WHERE IS. Not to mention and including any B.S. that goes with title too. maybe even back taxes or a federal lein that wasnt discovered. You have NO recorse. Be carefull!!
Without the owners consent the answer is no. The term trespassing comes to mind...
If it is vacant and open then I go in and look around. If there is plywood then I use a screwgun and put it back as I found it. I would not spend $200 or so to have an inspection done on something I may not win the bid on. You have to just know kind of what to expect. If it is a new house you will find little wrong. If it is old and falling apart you will find a lot more wrong that you can see. I just closed on one that looked level until I cleaned all the junk out. The floors slope a bit but not a major problem as it is on piers and beams and for a few hundred I can get it leveled up a bit. I got it cheap enough that evetything will work out. It does have a new H2o heater that i could not see in the dark and clutter
Good LUCK and Thank You
Hope this helps some
Ted Jr