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We were looking at a place just down the road from us that was a foreclosure - and the people super gutted it, even took the baseboards.
Nobody could get the house, cash or loan, it wouldn't pass inspection - even if you agreed to fix it up - and no inspection means no papers of any kind. So the bank had to fork the money over, and of course once they did the price went back to normal level - but to the fair, they prob put a $100k back into the house.
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