Inspection for REO/bank-owned foreclosure? (bank owned, sale, attorney)

[NJnewhomebuyernow]

I am considering an REO and am about to make an offer. I've had a friend help me look at it with an initial inspection and there was nothing glaringly wrong with it, but I am concerned there may be something overlooked and want to hire a professional inspector to give a more thorough look.

My question is when is the best time to get this professional inspection done? I am hesistant to put $300 to have someone look at it before the offer is accepted because if not I'll be out the money. Is it possible to have an offer accepted, then hire inspection during attorney review? Or could I put a continency in the contract to say that I can inspect it but get out of there are major damages such as mold or structural damage?

Your help is most greatly appreciated!!!

[nemmert]

Buying a bank owned home is really no different than any other property. The big differences are the timing (bank will want to close within 30 days of contract), the home will be sold "as is" (i.e. the bank will not make any repairs to the home), and you're generally responsible for the inspections and certifications required to move in.

Place an offer with the normal contingencies regarding inspections etc. Once they accept, you'll do the inspection. If you find something you can go back to them and try to negotiate a lower sale price just like you would normally. Again, the difference is you can't ask them to make the repairs, all you can do is lower your offer.