When you buy a home, it’s your money. You get to decide whether a property is in good enough condition to purchase.
At least, that’s what people usually think.
If you’re buying the property with a mortgage, your lender will have a say in what you buy because it has to protect its collateral interest.
No one goes into a home purchase thinking they will ever lose the property. And while lenders know that they’ll have to foreclose on a certain percentage of borrowers, they’re not actually anticipating foreclosing on any particular loan. If they could foresee that risk from the start, they wouldn’t make the loan.
But since lenders do have to foreclose on a small percentage of homes, if you want to buy a home that’s in any condition less than turn-key, you could run into stumbling blocks.
Learn about the standards lenders impose on properties they finance in my Mortgage-Calc.com article, Your lender might not let you buy a home you want.