Buyers expect these problems, and if you fix them (and get a warranty), buyers consider it a plus, not a negative (here in Atlanta, any foundation problems are a negative, even if they're fixed).So, that was a big learning experience for us...When we purchased the house, it appeared that one of the walls was severely bowed due to settling and static pressure (water pressing from the exterior onto the wall).

But I'm not sure if you can just totally skip it and still be valid.

Ignorance in those cases is no excuse to not be held accountable to laws and practices in place and will not serve as a valid defense.

You have to be careful that the seller is considered of a sound mind and has the ability to enter into and create and valid purchase and sale agreement.If they are later on found to be not capable of entering into a contract the whole agreement can be declared null and void.I am not talking about people putting on a show to get out of a bad deal but people that are really not in their right mind and capable of making a decision of that magnitude.

If you get sued, I have heard that the courts will generally stay the lawsuit when presented with a valid CASp report and give you 12?

It looks like DC developers have the option to trade up to the famous J Edgar Hoover building...so the idea has validity!

I guess it all comes down to how comfortable you feel with him and the information/documentation that you are able to get because ultimately if you can't personally run his credit report then you can't be 100% assured of the validity of the information you do get.

Chapter 5313: of the Revised Code does not prevent the vendor or vendee of a land installment contract from commencing a quiet title action to establish the validity of his claim to the property conveyed under a land installment contract nor from bringing an action for unpaid installments.

That's because the first number thrown out will psychologically validate the perceived value of the item and will generally be taken as a good-faith offer since there is no other data to work with.When you say, "I'll give you $25K for it," it makes the seller think, "Hmmm...I was thinking $150K, but if he's starting that low, maybe I'm way off in my perception of the true value."

@James - You make some very valid points.