Home inspection before putting in a bid on HUD home?

[John Byrne]

Hi All, 

I have a property in mind that I feel is a good candidate for a flip. The house is a foreclosure in my area and needs quite a bit of work, which is exactly what I am looking for, but I am not sure how extensive the damage is to the plumbing and electrical systems. I will be buying the property in my LLC name and as such do not qualify for the owner/occupant status. As such it looks like once an offer is accepted there is no refund of any earnest money deposits if it turns out there is something structural I didn't account for in my estimate rehab costs. Would it be a good idea to pay $300 for a home inspection prior to submitting the offer as opposed to submitting the offer only to later find something seriously wrong and risk losing the $700 EMD.

I just can't seem to justify in my own mind paying a home inspector to inspect a house I do not have under contract, but as this is hopefully going to be my first flip I don't want to take a punch on the chin either. 

Any help or insights would be really appreciated.