Condition Of REO Properties

Banks and financial institutions always want to sell REO properties in “as is” condition. Often times, a section 1 pest certification is provided if you include it in your purchase offer and negotiate with the bank. You will be allowed to get all the inspections you request; however, they may not always agree to do any repairs. Your purchase offer should also include an inspection contingency period that will allow you to cancel the sale if any unanticipated damages revealed in the inspection will not be corrected by the bank. Keep in mind that even though you agreed with “as is” condition, you should always give your bank the opportunity to make repairs.