The answer to this question is an unequivocal ......it depends. The old school of thought was if you were buying a property that was contingent upon the banks approval, such as a short sale or foreclosure you pretty much had to take it as you found it. In other words, "caveat emptor". Investigate the property as fully as you can with professional inspectors, but after you have an agreed upon contract, the chances of a bank addressing any repair issues or irregularities were pretty nil. … [Read more...]