12 Facts Nobody Told You When Purchasing Bank Owned Foreclosed Properties
What to expect when purchasing Bank Owned Foreclosed Properties
9. There are NO sellers disclosures provided with a bank owned home. The bank has no information on the condition of the home or when any repairs or updates have been performed, if any. You can pay to have your own private inspection done by an inspector of your choice.
10. Banks prefer to close on a property within 30 days of an accepted offer.
11. You will need a mortgage PRE-APPROVAL and loan program chosen when making an offer on a property. They will not look at an offer without a current pre-approval from a reputable lender. In fact, most banks require that you get pre-approved through their lender as reassurance you qualify for a loan. You do not have to go through their lender, but some banks require you to be pre-approved by heir own lender of choice to be considered on an offer.
12. Many bank properties have MOLD issues due to no utilities being on, and the potential of a water pipe bursting due to cold weather conditions and flooding may have occurred. This may have allowed mold to form in the drywall. The bank WILL NOT remedy this issue.