Risky Business: Buying a Home Without an Inspection

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You might be tempted to buy a home that was foreclosed upon and is owned by a bank. One potential problem for buyers is that some banks are NOT allowing any time for pre-sale inspections and are selling the houses “as is.” Kim Herrera, owner of Insight Home Services, a Diamond Certified company, says while you might pay below market prices, you might be sorry once you find out how much it will cost to make all the repairs.

Many homes for sale by banks were not well maintained by the previous owners in the first place. Vandals sometimes steal the copper piping and electrical wires, major appliances, showerheads, or you might find graffiti on the walls. Major damage may only be detected by crawling under the house. Ms. Herrera recommends asking the bank if you can do an inspection before making an offer. That way you’ll know whether you’re getting a real bargain or not.