I'm currently trying to buy a home (that happens to be a foreclosure), and the bank who owns it is allowing us an inspection period, however they are unwilling to accept our offer until after the inspection instead of signing it with an inspection contingency.
My Realtor says he's never seen this before and that it seems unusual, but believe that the seller has good intentions. The seller said that they are changing the listing status to pending, and they are getting the utilities turned on for the inspection.
So I'm left with three questions:
Why would a bank with good intentions (to not sell under me during this period) refuse to accept my offer with the inspection contingency?
Based on this action, what other frustrating or odd actions should I expect from a seller who does this?
Is this a bad deal, am I likely to waste money on an inspection for a home that won't be sold to me?