Many buyer clients come to me looking for a deal. They assume that bank-owned home is the best deal. I warn them right up front that a bank-owned home isn’t always the best deal. Bank-owned homes come with no warranties. Buying a bank—owned is like buying a car that you can’t take back to the dealership if it suddenly doesn’t run. There are no SPDS or disclosures of any kind. There is no seller to hold responsible is there is a hidden defect. And many times, there is no seller to negotiate any repairs on the home.
So, when looking for a home and considering a bank-owned home, weigh everything carefully.
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