I'm buying a foreclosed home in CO & have a question? It's in good shape compared to some. Had inspection

Question

yesterday but when water was turned on, house wasn't winterized properly so a pipe burst in the crawl space. Hardly any damage as a result but can I expect seller/bank to fix this? They will have to fix this for any buyer for it to pass inspection.

Answer 1

The only option you have now is not to buy it. They usually give you certain days to do any inspections you want and then you Can back up on your offer. But if it is after those days you may loose your deposit. Ask your realtor. He should be able to find this info for you.

Answer 2

A bank will not issue a mortgage on a house that is not inhabitable. So the pipe will have to be fixed anyway. I would demand that they fix it or no deal.

I sold a foreclosure house with a bad well pump and they fixed it.

Answer 3

If the agreement you signed with  the lender, stated "as-is", then you just bought the place with a broken pipe. While you can certainly ask for them to fix it, the chances are slim they will.  If you were smart when you wrote your offer, you would have written "contingent upon an inspection" giving you the right to walk away if something is found that you don't care for.  

Answer 4

It depends upon the terms of your contract to purchase the home.  If it is being sold "as is, where is," then no, you cannot have the bank fix it.  There may be a contract clause stating repairs over "X" amount of dollars will be made by the bank, otherwise you can cancel the contract.  There may be a clause stating the property must be in full repair.  You'll have to read the entire contract, including all addenda, to be sure.