Buying a foreclosure: An exercise in patience

Thinking of buying a bank-owned property? There are many tempting deals out there. But many buyers aren’t prepared for the time involved in purchasing a home that’s been repossessed by a bank.

That doesn’t mean you shouldn’t buy. But you should be prepared for a process that will undoubtedly try your patience.

For starters, buying from a bank can be a slow process. Once you make an offer, it can take days or sometimes weeks for a response. Though some banks work quickly, others do not. In some cases, the offer and counteroffer process could take quite a while.

There’s one more thing you should expect: Little information from the bank about property conditions. Banks don’t issue the same property disclosures that are required of ordinary sellers. So a home inspection is a must. Although banks typically sell a foreclosure property ‘as is,’ it’s important that you understand what kind of house you’re getting yourself into before signing the paperwork!

Are foreclosures worth the added hassle? Ultimately, bank-owned properties can be a source of bargains. But there are plenty of other ways to get a great deal, too. Give us a call and we can help you find the best deal for you and your family!