Although I can generally spot the defects, an inspection report with a price attached is great for knowing what your getting Into and for negotiations.- work your own numbers.

This week alone I've had an HVAC leak (2yr old unit, defective factory part), a toilet shut off valve washer disintegrate and clog line, and an above range microwave die. 

This is my singular moment of happiness in an otherwise blighted day surrounded by the unending moans of mental defectives.

There is a separate issue of the tenants responsibilities to pay bills on time and report any property defects to the landlord.

A Bank sell in the case of Auction.com  (for PNC in this case) is sell an interest in real estate, they are not insuring anything, you are just buying their interest regardless of defects.

States vary in their laws on things from disclosure of material defects.

I certainly don't know it all, ....hopefully not the "pretty much anything" part, it may be a personality defect, LOL....but it is amusing.....good stuff Seth!

For me, the lower priced homes that are ugly without structural defects in C or upper D neighborhoods give the best return for the investment.  

It covers all damages and loss regardless of cause - which does cover loss of use as well.Insurance – Owners have obtained insurance to cover fire damage to the building itself and liability insurance to cover certain personal injuries occurring as a result of property defects or owner negligence.

Also, builder defect is an exclusion on the policy, so if it is rot and it's because they didn't use treated wood, that's a defect from the builder.