The Cons are typically a) poor condition, b) properties are sold as is and buyers would be responsible for any repairs required by the lender and by the Township in order to obtain the Use and Occupancy required.
You may get lucky and find a diamond in the rough.
If I can answer any other questions or assist you in any way, please do not hesitate to contact me.
Traci L. Marra
1400 N Providence Road
Media, Pa 19063
610 565-1995 office
610 653-6870 cell
A real estate expert you can trust!
Buying a bank owned home has some disadvantages, one is the fact that the bank had to foreclose on the house and the owners usually do not lift a finger to maintain a house they know they are going to lose. Often bank owned homes need lots and lots of repairs. Often this is offset by a reduction in the cost to purchase. There aren't many pros because the bank will want the market value or close to it and it has to compete with all the other homes for sale out there too.