Kendra Murphy

The first answer is correct it depends on what the contract says. If you are not sure then you need to seek advice from a real estate attorney because as Realtors we can not provide legal advice. - Tue Oct 21 2008, 12:35

If you have a Realtor then you need to contact them to look at the home. - Thu Oct 16 2008, 21:24

I handle REO properties and normally you are buying these bank foreclosures as is where is with no warranties. You can ask your agent to right up an amendment to have the Sellers agent present to the bank asking for this repair but don't get your hopes up too high. If the bank gave you the right for inspection then this is the time to at least ask.. If they didn't give you inspection time then you are probably not going to get the allowance to have it fixed. On that note I work with a bank that is awesome and if you didn't completely low ball them to start with you may have a good chance of getting an allowance after the fact...never hurts to try and your agent should be willing to at least write something up for you to present back to the seller. - Sun May 25 2008, 12:35

To be up front if you really want a home that has equity on the front end and you are actually going to purchase under market value your best bet is a short sale! I am a Short Sale Specialist and have over 50 short sales in AR, TX and CA. I have listing agents that take the listings for me and I work with the banks to get the offers on the homes approved. Alot of these contracts that I'm getting approved buyers are walking into homes with 10,15,20k in equity based on the current market value. That equity will help these buyers absorb some of the market trends for the next few months and maybe a year and when the market does get back on its feet then they are still way ahead of the game and others who find themselves even further upside down in their current home or the ones who recently purchased home where the market has brought them down also.

Foreclosure homes are the same homes that could have been saved by a short sale if the homeowners had known to contact a Realtor that actually works short sales. Short Sales are my main business however I'm starting to help buyers too now since I have staff that can help with the short sale files while I show buyers great deals!

I also list REO property or what people refer to as bank repos. Since I list them I know what values I give the bank and I know what value the appraisers give the bank and the fact is the bank always goes with the appraisal because my value is always lower and based on other foreclosures in the area along with the idea that I don't want to sit on the listing forever. What I'm trying to say here is bank foreclosures are alot of times (unless totally gutted) listed right up there with all the other properties that normal home owners are also trying to sell.

The biggest thing about finding and purchasing a foreclosure home or any home for that matter is finding an agent that knows the process and can help you thru it. I have had so many buyers who want to just buy a foreclosure and end up purchasing just a normal listing becase the seller had room to help with closing costs etc. (plus the home was nicer and you get a disclosure on regular homes - banks don't always know anything about the property and don't offer disclosures)

Just remember everyone is out there chasing that one good deal so be with an agent that knows how to get it for you!

If you have further questions or concerns please contact me at hereforyou@kw.com. - Fri May 9 2008, 11:46

I specialize in REO properties as a listing agent and also have sold alot in my career just because I am familiar with working with banks on a normal day to day. I would love to help you - Fri May 9 2008, 10:52

Totally a lenders call on this one! (probably shouldn't try to get approved thru BofA however...smile)

Good Luck ! - Fri May 9 2008, 10:45