Need Immediate Help Re: House Inspection Woes

[cbprecise]

Hello,

I am under contract on a house since last Friday evening and it is a banked owned foreclosure property. The contract stipulates that I have only 7 days to conduct a house inspection and be able to back out of the contract if something is drastically wrong with the house. The bank turned on the utilities in the house but has not turn on the pilot light for heating so that the inspector can check the house. The bank has not authorized the pilot light to be turned on yet because they are waiting to do a "clean out" and "trash out" as they worded it. Yesterday my agent sent in an amendment to the contract to allow for an extension of the home inspection. The amendment has not been returned to us signed yet and my legal time to inspect the house expires tonight.

I have the option of:

1- sending an amendment to the bank stating that I want to back out of the contract because I was not allowed to inspect the house and was not granted the extension. At which point they could let my contract expire and give the house to the next highest bidder.

2- doing nothing and waiting to see if they sign the extension. If they do not then my agent says I still have to purchase the house. I can still have an inspection later but cannot back out because of the results if they are bad.

Please advise. I really don't want to lose this house, but I don't want to buy a money pit either.

Thank you

[Lel]

Were you able to conduct any inspection at all - electrical, plumbing, roof, basement, pest?

You're in a tough position, especially since we're approaching the close of business on the Friday before a long holiday weekend.  Depending on where you live, the bank may already be closed for the day.

If you do not have confirmation of a signed amendment, then you should probably assume that the bank did not agree to it.

[cbprecise]

Thanks Lel, I did not receive confirmation for any inspection at all. And I think I am going to have to submit that amendment to the contract that I will have to back out without inspection since this is the deadline. It may be the only "safe" action to take at this point.

[Anonymous]

Do he ammendment that you are backing out but that are willing to resume the deal immediately upon the receipt of a signed extension for the finishing of the home inspection.

[Anonymous]

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@cbprecise wrote:

Thanks Lel, I did not receive confirmation for any inspection at all. And I think I am going to have to submit that amendment to the contract that I will have to back out without inspection since this is the deadline. It may be the only "safe" action to take at this point.

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If it makes you feel any better, I would have done the same. There could be any number of problems that aren't readily visible.  Especially on a foreclosure where folks have been struggling to make payments, I could see issues being ignored and possibly growing since there's just no money to fix them.  If it doesn't work out, you'll find something better

[Lel]

The OP's actually quite lucky to have the opportunity to inspect the home at all.  Most foreclosure sales in my area have to be bought with no inspection and no contingencies.  At best, the buyers get to walk through the home a couple hours before the sale.  But if a lender is going to allow an inspection, it would be nice if they would allow a full inspection of all major systems.