BiggerPockets

On this foreclosure listing, the bank has clearly stated that it won't allow "surveys, inspections, as-is" blah blah; My question is for the bank to accept, do I have to make an offer with no contingencies or due dilligence?
I plan to get my inspector to just do a quick walk-thru with me but it would be AFTER the contract is submitted; If this is done, would backing out result in anything more than losing EM? Thanks - Brandon

If the property has been on the market for a while, just submit a contract with whatever terms you're comfortable with. The bank will probably come back and say "no contingencies," but I've seen cases where the MLS listing said no DD period and then the bank agreed to one anyway.

It can't hurt to check.

As for losing your EM, yes, if you back out and don't have a contingency to back out, you'll just lose your EM.

Brandon,

Those are just blanket statements made on all of their listings. In this market, anything goes. keep in mind, if you are not able to inspect a home well enough to feel comfrontable about making a offer, you may loose a lot of deals on REO's.

Brandon - you really need to develop the knowledge to do your own inspections - most experienced investors can go through a property in 10 minutes and know what the repairs will cost.

If you decide to back out of purchase agreement without any contingencies - then require the bank (seller) to return your deposit before you will sign a cancellation agreement. Most banks will return your deposit so they can move on to the next buyer.

I've gone through Illinois' Home Inspector training program. Out of a class of 20, myself and one other guy had any knowledge of construction. The rest were factory workers, admin assistants, what have you that were looking for a second source of income (nothing against that, but you need to know what you're dealing with). 90% of the "Professionals" don't know a thing about it, much less everything either. It's not brain surgery either. It's a 1-2 month correspondence course and a week or two of class time to become a licensed home inspector in most states. You can buy the book they use for $70 yourself and inspect 1 property and you will have effectively completed most state minimum requirements to obtain a license. You can even get practice tests online to see if your knowledge matches up to someone who would get licensed.

This is nothing against the world of professional inspectors nor am I telling you whether or not to use one, just realize the realities of this industry and look into the background of your professional inspector, beyond their license.

Tim

Submit your offer with whatever amount and contingencies you fell is/are fair based on your area.

"It is better to ask forgiveness than ask permission."

THe bank could go after you and enforece the contract but I have not seen that happen nor do I thenk they would waste the time. Your EM would be lost but that is it. Banks typically do not require more the a $1000 deposit.