Keep in mind that often times foreclosed homes are sold "AS IS."

Ideally, a couple of weeks prior to closing so there's ample time to review. Unfortunately, it's not uncommon to receive it the day before or the day of closing. That's why closings sometimes last hours...... to argue over the things they spring on you at the last minute.

We're covered much of this in recent college classes. Foreclosed, whether bank or tax, need LOTS of work. It's a myth that buying foreclosed is a deal. Obviously people facing foreclosure neglect maintenance and even damage fixtures or remove appliances on their way out.

ACNN article wrote: "Never buy an REO property without an inspection, and be sure to factor repair and remodeling work into your offering price. According to a recent survey by Remodeling Online, replacing a bathroom alone costs nearly $16,000, on average."

I believe it. Foreclosures are not the deals you're expecting.

i'm looking to put an offer on a bank owned home and the bank who owns the property will only allow 7 day inspection. I need to get an inspection and an appraiser.

Not sure why they limit the time you have to inspect the property. Maybe its that they dont want you to discover all the problems with the property.

Most of these transactions are "as-is" sales, the bank has to give you some time to see what you are getting into, but they mostly do it as a curtesy more so than anything else. They want to dump the property and the best price possible as soon as possible, and do not want to drag the process out any longer than they have to.