I can kind of understand how you would be purchasing in As-Is condition, but if you're still buying the house from the owner and not from the bank, then it seems like you would just need to put a home inspection clause in the contract.The way I had been thinking about the scenario I mentioned above is that all of your negotiations up to a certain point would be with the homeowner.

the seller wants me to pay for his now clear title, and all the other fees that he would have incurred, i have already paid 400.00 for inspection and 400.00 for appraisal. thank you in advance.....for what it is worth, the seller has moved back in

There are two main conditions - inspection and financing.

It would be the same if you had conventional financing.You did have it inspected before you bought it, right?

If it says any of the following; corporate-owned, as-is, certified funds for earnest money deposit, cash only/proof of funds, must do own termite inspection, no contingencies, etc. then the chances are good it's an REO.

They will be instructed to stick with light pastels, that can be easily painted over, and if I am concerned with the floorcovering I will make that clear, and inspect their work when done for approval.

until your next inspection which will also show termite activity...

They don't get final payment until all permits and final inspections are in, and I've approved the work.

I have a regular job with an annual income of ~60K and a credit score of 740 albeit of limited duration.My plan is to use the VA to finance, perhaps a duplex that will allow me to get my foot in the door to generate capital that will allow me to do it again, twice or thrice in a year or 2, until I have the capability to pay cash for distressed property.I have d/l'ed all the BP podcasts , purchased the " Book of estimating rehab costs & Book on flipping houses & Inspecting a house by Rex Cauadwell " per suggestions here.By this time next year I would like to be living the above plan and be well on my way to my 2nd property purchase.All comments or criticisms are welcome.

We did a pretty diligent inspection and although many issues can arise on a house that old, so far it's in great shape.