Buying a foreclosed property brings some unique challenges. When buying a foreclosed on property, you are often buying it “as is”. This means that if there’s anything wrong with the building – usually there’s a problem with several things that lead to a house being foreclosed – it is up the buyer to fix it.
The process between buying an advertised home from a realtor and a foreclosed home is different. While you’ll make an offer to the seller in a traditional transaction, with a foreclosed property you’ll be negotiating with a bank and its lawyers. Just because they accepted your offer doesn’t mean you’re done yet after the offer is accepted, the judge is setting the court date, where judge will look at offers from other buyers and approves the conditions of the bank. During the court hearing anyone with the better, no subject offer can take the property, it is especially hard because you have only one attempt, and you need to submit your best offer. The time between making an offer and closing is much longer in a foreclosure, so be prepared to wait before moving. If you are planning to buy foreclosed property it is better to call REALTOR and ask him to assist you in this transaction.