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Buying a Bank Foreclosed Home 2
Bank foreclosures seem to be a hot topic with today's buyers so I thought I would write some more information about buying one.
Here are some questions that buyers frequently ask before purchasing a foreclosed home:
How long will it take the bank to respond to my offer?  Every bank is different, some may respond in 2 days, and some may take as long as month to respond.  Manytimes the employee at the bank who lists the home with the Realtor is not the person who can make the decision about an offer that is received.  The listing agent must go through several chains of command in order to locate the right person. 
How old is the roof / furnace / water heater / plumbing etc.  In most cases the bank is located in another state and has not seen the home in person.  They will not have information regarding the roof, furnace, plumbing etc.  This is where the importance of having home inspection comes into play.  A home inspector can usually tell you how old the major systems in the home are and if they are in proper working order.
Will the bank make any repairs to the property prior to closing?  That all depends on how willing the ... more

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