Gilbert Real Estate Blog
~ by Randy Hooker of Dreamcatcher Realty
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5th Thing You Should Know About Buying Foreclosures in Gilbert, Arizona
In the first four installments of this series (1st Thing You Should Know About Buying Foreclosures, 2nd Thing You Should Know About Buying Foreclosures, 3rd Thing You Should Know About Buying Foreclosures, 4th Thing You Should Know About Buying Foreclosures), I wrote about defining Terminology, Pricing, Multiple Offers and Response Times as they relate to “Things You Should Know About Buying a Foreclosure.” Here’s the 5th post of the series:
- Condition – Foreclosures are always offered for sale in AS-IS condition. What that means in street language is, “What you see is what you get!” It also means “Buyer Beware!” The message the banks are trying to send is that they are not interested in doing any repairs on the property, regardless of the extent of any such needed repair(s).
NOTE: This does not mean the buyer is not entitled to perform a professional home inspection, termite inspection, and any other inspection(s) desired (at the buyer’s expense), but AS-IS means if any repairs are called out or identified by inspector(s), the bank/seller reserves the right to refuse to perform them. So the term Caveat Emptor (Buyer Beware) comes to mind. The best advice is for the buyer and the buyer’s agent to do a thorough physical/sight inspection of the property BEFORE submitting an offer on a Foreclosure, and then follow through with a thorough professional home inspection AFTER securing an accepted contract.
An experienced, knowledgeable, professional Buyer’s Agent can be invaluable during this process/phase, so please be aware, be wise and be careful.
