Ask the City or Local Government to Inspect Buildings That Interest You.
Have previous owners gotten proper permits to perform repairs on a property? Are there conditions that the city will want corrected before it issues a Certificate of Occupancy, which many communities (and some states) require before a property can change hands?
The only way to know is to visit city hall and ask to have a city property inspector visit the building(s) you are considering. Remember that it is the responsibility of the seller to make any updates or renovations that are required—not yours—so there is every reason to ask for an inspection.
“As Is” Properties Are Not For You!
Incredible as it might seem, some sellers try to sell properties “As Is.” They offer to sell at a bargain price without permitting buyers to have a professional conduct an inspection. Mortgage lenders will not lend you money to buy properties under such conditions — and you should not want to either.
Even if you have a large quantity of cash on hand and discover a low-cost property that seems like a steal on an “As Is” basis, insist on having it inspected.
Don’t buy properties on an “as is” basis
If a seller refuses to let an inspector into a property, walk away from the deal. Mortgage lenders will not lend you money to buy properties under such conditions — and you should not want to either.
There is only one reason anyone would sell a property “As Is,” and that it that he or she is hoping to avoid paying for property upgrades or improvements. Since investment properties are not used cars, beware of sellers who treat them that way.
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