Kim Crieger Goodwin, REALTOR

First off, banks may negotiate, but they are slow to as they are trying to recoup as much money as possible from the sale. The foreclosure process is expensive, and many times the bank will not be able to sell the property for more than owed on the mortgage and accrued in legal fees for the foreclosure process.

Having a knowledgeable agent on your side is also helpful. Almost all bank foreclosures are listed through a real estate agent and having your own agent is in your best interest.

Be sure to have the property fully inspected. Keep in mind that the previous owners probably left in a very stressful, possibly resentful state, and may have caused intentional, hard-to-see damage to the property. This is relatively unusual, but still a possibility. Inspections can't detect all damage, so in the end the buyer must beware. All homes are purchased in "as is" condition except for the repairs you negotiate prior to close of escrow. Usually, any issue that crop up after closing are the new homeowner's responsibility. When purchasing a home from a bank, the bank makes very certain they will have little or no liability after close of escrow. They accomplish this through the use of numerous addendums and clauses that the bank will require you to agree to before closing the deal. So - read the fine print and be very thorough!

Good luck! - Yesterday, 21:45