Need helps ASAP - bank owned property won't allow inspection?
I found a property that can make great money as a rental. The house appears to need mostly cosmetic TLC and some updating.
Here's the issue....
The property is bank owned as is being sold as-is. The bank wanted best and final offers from all parties 3 days ago and it turns out my offer wins. However, in my offer I stipulated that the offer was contingent on an inspection that was satisfactory.
The bank is not allowing any inspections and ALSO is not allowing prospective buyers to turn on any utilities until after the sale of the house.
My initial feeling was that this is because there is something terribly wrong with water pipes, or some kind of other issue that I'm not seeing. As my agent explained (and I trust her... she stands to gain very little in this whole interaction) the bank wants the place sold. They (bank) don't know if the property has been winterized, they don't necessarily know much about the property at all. What they do know is that if an inspector DOES find something, they would have to disclose it for 6 months. If there was an issue with the utilities they would then have to disclose that as well to potential buyers. My agent also explained that the house is so cheap they have the leverage to do this.... if it was 165k or something, they probably would never sell it with that stipulation. For what its worth, the electric is still on and fine.
Now the house is CHEAP.... I've been in it 3 times, my father-in-law twice (handyman), and a contractor today will be there just to give us a general idea of what issues he could see in the house.
I guess my question is what would you do in this situation? No inspection / utilities check seems like a walk away situation, but I understand that on very low cost properties it's semi common for banks to sell as-is and mean it.
Any and all help is greatly appreciated