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 - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
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