Are there issues in buying Pre-Foreclosure or Bank Owned Properties?
As with any purchase, there are many issues to consider; • 1. Not all Pre-Foreclosure or Bank Owned properties are bargains. You need to consider the location, condition of the property, price and other factors when making a decision. You need to evaluate comparable properties in the area to determine the correct value for the property you will be making an offer on. • 2. Most Pre-Foreclosure or Bank Owned property is sold “as-is” and it is thus critical to perform a thorough inspection of the property for any defects and damage. Working with a Licensed Real Estate agent is critical when evaluating a Pre-Foreclosure or Bank Owned property to purchase. You want to work with an agent who knows the local market, understands these transactions and is familiar with presenting and negotiating an offer to a bank on a Bank Owned or Pre-Foreclosure property.
