So for the last several years I've been noticing a home that I drive by every day to get to my Apartment. I've seen a for sale sign appear for months at a time, disappear, then come back later. I've even looked at it on trulia/zillow when it was on the market. Back in November of last year I noticed it had a different sign...it was up for auction. I looked it up and found that the sites were slim on the details, and pictures seemed to show nothing seriously wrong with the home, I asked a Friend of the Family (she lives in a different state) if she could find anything out about it. The auction was saying the sale would start around 87k, but my friend found out that it was expected that the lender was basically going to force the price up to 160k so I forgot about it. This week I see the house up for sale again. This time not an auction, so i looked it up again...its selling now for 125k. This home originated at the 200k price, and its only 11 years old..most of those 11 years not being actually lived in.
Given the homes size and area I get the impression that this is a pretty large and nice home for that price. However the number of times it has changed hands and the price going down so much has me worried. If someone had bought the home, then found some kind of structural flaw or some critical repair/code violation in the home, would they be required to report this on the sale sites? If i asked a retailer to view the home would they be obligated to tell me of any serious problems? Would it be normal to expect me to pay someone to do a review of the home as part of an interested buyer situation before i forked out any money (except for the review cost). ?