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Due to the unique challenges of purchasing a bank-owned property, it is a good idea to work with a Buyer’s Agent who has experience working with this type of sale.  Since the listing agent is a “Seller’s Agent” for the bank, it is best to have your own agent to represent and protect your interests.

As buyers, foreclosures certainly have the promise of getting a home at a great price and this can certainly happen.  Nonetheless, extra caution is required in purchasing a bank owned property.

Here are some of the challenges.

  • Often, but not always, the property will be in pretty rough condition.
  • The bank is generally, but not always, unwilling to pay for any repairs or inspection items.
  • The addenda that the bank add to any contract greatly favor the bank at the expense of the buyer.
  • No “Seller’s Property Disclosure” is provided, making it harder to ascertain the overall condition of the property. Recently, I have seen one foreclosure that turned out to have structural problems and another that had a septic system that needs to be replaced. It would have been easy to purchase either of these properties without ever knowing this.

If you are interested in purchasing a foreclosure, please call me or email and tell me more about your goals.

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