Should You Buy a Bank Owned Home
Sold "As Is" - A bank will do nothing to repair a home, so any inspection issues or outright damage will come out of buyer's pocket. Take a contractor first to see what the costs may be.
They Aren't Always a Deal - Bank just wants to get as much out of the property as they can. They may have no idea what type of shape the home is truly in and may not even listen to a realtor's opinion. Also, if it is in really bad shape, you may have issues getting the financing you need or want.
Closing Can Take Longer - A foreclosure sometimes is a file on a desk with a pile of other foreclosures and it may be held by a huge, even out of state bank--who may use an out of state title company. There are so many variables there is no way to tell how long a closing might take--even with a cash deal.
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