Looks like bank tried to cover up water damage on a foreclosure. Help?

Question

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!

Answer 1

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.

Answer 2

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.

Answer 3

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.