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Updated about 10 years ago on . Most recent reply

User Stats

24
Posts
4
Votes
Pratik Desai
  • Princeton, NJ
4
Votes |
24
Posts

Contract question on foreclosed property

Pratik Desai
  • Princeton, NJ
Posted

I am new to real estate investment and i found one property that is foreclosed. This property is in a decent condition and it is "de-winterized" so i couldn't check wether property has proper plumbing or has any issue with plumbing. My realtor mentioned that its normal to have it de-winterized to avoid any issues.  I went ahead an placed the offer and it was countered with a condition

"Sold as-is condition, no repairs. Buyer responsible for certificate of occupancy and any other certificates required by city or township." 

If i find any major plumbing issues during inspection, Can i legally back out as there is no disclosure from seller?  Can i request repairs even though i accepted no repairs during my contract? Is it a norm by bank / government agency to de-winterize any foreclosed property?

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