"As Is"
All foreclosures on the Outer Banks are sold by the bank in "As Is" condition. "As Is" is the bank's way of letting you know they will not be doing any repairs so don't bother them by asking. They will also not be telling you if anything is wrong with the property and you won't be seeing a Residential Property Disclosure like you would in a private sale.
In the Outer Banks MLS some foreclosure listing remarks will also state "Where Is," which would mean if the dwelling or building on the lot has encroachments or other non-conformities or zoning violations, those issues will not be addressed or remedied by the bank, either.
Did I scare you? I hope so, because buying an Outer Banks foreclosure is not for those with a weak stomach. With you being out of state and all the time lines being strictly enforced by the bank, you will have to be dedicated to making this happen.
Inspections
You are allowed to have the property inspected so you are not left without any protection at all. Different banks each handle the inspection periods differently but basically you will have 7-10 days after the you sign the bank's Addenda (there could be more than one) to have the property inspected.
Some foreclosure bank/sellers want your inspections completed before they sign anything at all, which means you have removed all contingencies other than your financing contingency (if obtaining a loan) by the time you go legally Under Contract with the bank/seller on the property. They all differ, but this is the basic idea.
You can have anybody do whatever inspections will make you comfortable with the purchase. You can have a licensed home inspector, contractor or even your brother-in-law. The bank doesn't care who you use because they don't care what's wrong with the property. Remember, they are not going to fix anything or reduce the price or credit you money at closing for any problems found during the inspection process.
The reason you are having the inspections done is so you won't have any surprises after you buy it. If problems are found by your inspector you will then have to decide if you still want to make the purchase. If it looks like the project will be more involved than you originally thought, you can walk away and get your earnest money back providing you met all the time requirements.
For a list of handpicked home inspectors on the Outer Banks go to http://www.outerbankshome.com/
