My husband and I are purchasing a VA foreclosure. Closing was to be this week. The Inspector for the bank said the water needed to be on and the trim Painted on the house. We do not own this house until we close and I don’t understand why I would have to paint trim on a house I don’t own yet. It is not in the city limits and is being sold as is. Am I not understanding this???LOL!!!
The inspector you are referring to is no doubt the appraiser. FHA, VA, HUD etc. have certain items they require the appraiser to look at beyond just determining the value of the home.
These items are the responsibility of the seller…normally. But with banks being unwilling do anything to get their foreclosed homes sold you may have to take the chance if your willing to risk losing the money if the deal falls thru.
Your realtor should be able to advise you better on how to go about this.
More importantly, this is not a complete home inspection. It is only items of concern to the lender. You should have an inspection performed by professional home inspector even if it is being sold as is.
There could be major problems with the home which would cause you walk away even if it is a good deal.
AS IS DOES NOT MEAN YOU CAN NOT HAVE IT INSPECTED AND WALK AWAY IF YOU FIND MAJOR PROBLEMS.
It is amazing how many people feel that their appraisal is a inspection. I have done many four points on foreclosures where the client didn’t understand that it is not a home inspection. Therefore they didn’t get a real inspection. Needless to say they were very disappointed to learn that they will have to make several upgrades just to get insurance.
Another thing that is amazing is the appraisers out here doing the FHA inspections along with their apprasial…So illegal but they do it all the time!!!
Im totally surprised. California is pretty strict with their rules.