Dangers of Foreclosures Pt 4

The bank will do little to assist you. I know this may seem like a moot point but you would be surprised the number of buyers who overlook or under value this portion of the deal. Your offer and the likely discounted list price (discounted from similar comps nearby) should already account for the risk you're taking on an "as is" property. They won't provide a disclosure about a leaky faucet, or the broken closet door upstairs.

When buying a home, the contract makes certain provisions which will allow you to have an inspection, so get the biggest and best inspection available. Also inquire about an old inspection report, review that prior to making your offer.

If you are familiar with the buying process, don't expect any of the standard processes and procedures to be followed by the bank. The bank will have its own contract that protects its interests. This contract will be followed by dozens of pages protecting the bank from future lawsuits, referring to the sale as "as-is" and putting nearly all the burden on you, the buyer. In some states, if the bank requires the buyer to use a particular title company, then the bank would be required to pay the buyer's premium on the title insurance. This could translate into huge savings for the buyer. Whatever you do keep your eyes open and remember there is no such thing as a stupid question.