They Aren’t Usually the Bargain Buyers Expect: Banks will price a foreclosure near appraised value unless there are MAJOR defects. There is almost always a significant investment needed to bring the condition to a "move-in ready" state. Sellers can make their properties more enticing by having them problem free.
It Can Take a Long Time to Close on a Foreclosure: Banks will rarely respond quickly to get these poorly performing assets off their books. It can takes weeks to respond to offers & counteroffers. Prepared sellers will fare well in competition because buyers can close and move in on a realistic schedule.
Disclosure of Defects is Non-existent With Foreclosures: Banks will disclose nothing about the condition of the foreclosure home. Its "buyer beware" even with a home inspection. Some lenders will want some or all of the problems discovered during an inspection corrected before closing. The smart seller will have done their own pre-listing inspection and corrective action repairs.
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