This is normally because of the discovery of a physical defect but can also be a paperwork defect, such as Title issues.

I check the electrical panel box for size and visual defects (corrosion, scorched wires).

Be sure amenities and defects are the same.

Not sure this makes any difference to the bank or not..According to the sample contract on realtybid, there is an inspection time, but the property is listed as is, The Property is being sold in an "As Is" condition subject to all faults and defects."

A good CG will have this covered, most property owners don't.The CG has responsibilities for the project, most state laws make the CG responsible for defects or problems for one year, if something was messed up and you didn't catch it, it's on you!

To find that info, look for the local or county property tax assessor's office.To confirm the correct owner you can check with a local title company, and if you do end up making a purchase make sure you get title insurance that will cover any defects in title that might arise from claims in ownership.

If any title defects arise before the close, the seller is required to remedy them (or return the buyer's earnest money), and the seller will typically pay for an owner's title insurance policy.So, in theory, the buyer is protected from title defects when purchasing an REO.That said, a title search is only as good as the person doing the search, and sometimes things are missed.

Yes you have to disclose it any defects paint mold or chinese dry wall has to be disclose in Florida under the law that they passed around 4 years ago I live in Florida and went through it a couple of years

Targeting properties with larger DOM's is a strategy to better your results as is targeting properties with gutted kitchens or other defects causing the property to be un-financeable.

Basically, owner name, address, statements saying that the property was acquired through a foreclosure sale and seller has no knowledge of any defects pertaining to the home; seller has not occupied the home, etc.