When working with a bank on a foreclosure purchase there are a few important differences to keep in mind. First off the bank has no emotional investment in the property so you can make what would normally be considered a ridiculous offer and not insult the seller. You might get laughed at but not run off with a shotgun.
Another point to remember is that the bank has no interest in what your inspection may turn up. “As Is” really means as is. It might be a good idea to take you favorite fix-it man with you to your inspection. When working with a foreclosed property it is good advice to have an experienced Realtor representing you.
The Pending chart this week is showing bank-owned properties holding at a steady 4.6% . Not a huge market segment.
