Looks like bank tried to cover up water damage on a foreclosure. Help?
June 1, 2010 by
Filed under condo water damage
I’m under contract to buy a condo, and from the inspection yesterday, the inspector said their may be some cover-up of water damage. He wasn’t able to find the source, or determine how bad it is. The bank that owns the house (it was a foreclosure) probably won’t be willing to fix it. What can I do to see how bad the damage really is? Should I be really worried? Since they couldn’t find a source, I’m not too worried, but part of me still thinks something fishy is going on… Please help!
The reason I know the bank made repairs, is because in the pictures of the condo online there are pergo floors, but in the condo, there is brand new carpet and cheap laminate flooring in the kitchen and bathrooms. The bank has owned this property the entire time it has been online. What are they trying to hide? Wouldn’t they only go to that expense if the damage was REALLY bad?
when you buy a foreclosure you buy it as is. i bet it will be on the contract you sign if you buy this condo too.
Chances are slim that the lender took this action. More likely, it was the former owner who may have done some cheap repairs.
These days, lenders don’t spend a penny doing anything to foreclosures. They sell them as they get them from the owners.
I do not know of any foreclosures where some member of the bank actually went to the property. And all foreclosures are sold as-is. If they think it would be ok to fix something, as part of a contract, they may do so. This type of allowance is also extremely rare.