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The Top 10 Things You Need to Know When Purchasing a Foreclosed Property in Metro Atlanta - #7

By
Real Estate Agent with Keller Williams Realty - Atlanta Partners GARE#173400

7. All Properties are Sold "AS IS"

The bank has already lost a significant amount of their investment in these properties and are not willing to negotiate repairs. There are usually no allowances for carpet, lighting, paint or other issues with the home.

All buyers are advised to have a home and termite inspection to determine the condition of the home. There is also a pre-negotiated "due diligence" period in which that inspection must take place. (See yesterday's Blog on "Time is of the Essence") Banks are seldom willing to extend that period, so you must complete your inspection within that allotted time. It is after the inspection that the buyer can make an informed decision about whether or not to purchase the home "as is".

Eventhough banks are not in the "real estate" business and would prefer not to have distressed properties on their books, they are also not in the home improvement business. So trying to negotiate repairs could make your offer appear less attractive than other presented on the property. Asking for "less" could get you "more".

If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA.  Contact me at (678) 252-2959 or AndreAllen@kw.com.

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