Are the appliances, plumbing, electrical, and mechanical systems still “warranted” when purchasing a foreclosure?
No. You will be purchasing the property “as-is”. Because the seller is a bank or other financial institution, they have never lived in the home, they can not and will not guarantee that anything is in working order when you purchase the property. This is why it is extremely important for you to get a complete home inspection so you know exactly what you are buying. Home inspections typically cost $300-$500 depending on the size of the home. You will most likely be asked to sign an “as-is” addendum when submitting a purchase agreement to a lender on a foreclosure property. When you buy a property “as is” – NOTHING is warranted by the seller. You are buying the property in its current condition, with any and all defects and/or environmental issues.
