getting feet wet, need bump in right direction

[Kenneth LaVoie]

Hi All
With the help of this forum, I've made a couple of deals and am about to consider some foreclosures / REO here in town. (Winslow Maine) -- I wanted to ask a couple of questions about offer documents / process.

1. My "buyer's broker" who is working with me now generally gives me the standard purchase and offer contract to sign which has a place to check for building inspection, etc. and he usually puts 7 days. Now, my thoughts are, "that's fine for a retail property, but what about a foreclosure where you really need some time and maybe 2-4 different contractors to inspect and give estimates." -- is there something different that I could use that allowed for that?

For example, I'm thinking of tying up an REO today that's listed this morning at 24k -- needs total renovation, but ... I'll need time to decipher exactly how MUCH renovation.

Thanks very much all.
Ken