Different banks, like any homeowner, will have different criteria when deciding on an offer. In general, the banks want as easy a transaction as possible - they want the most money, but also the least amount of problems. Ideally, a bank will get a quick closing with no contingencies for problems found during the home inspection. Some banks would prefer no home inspection were done - there is a reason banks sell homes at a discount compared with a traditional sale from one homeowner to another for a comparable property.
I'm a real estate agent on the shoreline and I am very familiar with the foreclosure process. I worked in bankruptcy and foreclosure law before I started selling homes. My own home is a foreclosure we purchased last year. We DID have an inspection, but we knew at the time that the inspection was only for our own information - the bank made it clear they were not fixing anything before we purchased the home.
If you have an agent, you should be discussing these matters with them ASAP:
-What is your budget?
-Is this your first home?
-Do you have experience doing major repairs?
-Do you have finances to cover major problems that may come up such as replacing a furnace or tiling a roof?
*What is the worst that can happen here?
Be very careful - what may seem like a good deal today may end up costing you more out of pocket if you purchase a home that needs more repairs than you can afford to fix.
So, if the house seems like a good value, write up an offer that works for you. Before you write that offer, you need to estimate repairs, review your budget and savings, and be confident in your decision. If you have any questions, I'm happy to help.
Shoreline Property Partners
Page Taft Real Estate
Hope that helps,
Laura Reilly- Foreclosure â€œINVESTâ€igator USA
â€œI have a problem with too much money. I can't reinvest it fast enoughâ€ Robert Kiyosaki