Sure, Insurance companies have minimum standards, but they're more concerned with fire hazards then strict structural "code" compliance. They often simply allow their local agents to perform an "inspection" and take pictures etc for the underwriters approval.
When theres no mortgage which usually requires a certain degree of code compliance prior to issuance of the loan, a homeowner can get by with more. Just because there are no known reported code violations, that doesnt mean a new bank is gonna improve a loan on a home in its present condition.
I wouldnt be afraid to purchase such a home so long as your price allows for all the necessary repairs PLUS THE FOLLOWING.
ATTORNEY'S NOTE: If youre going to buy a foreclosed home, I wouldnt do it unless and until a reputable Title Insurance company is willing to sell you title insurance !!!!!!!!!!
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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