Customer Feedback from 2010 purchases of a bank owned repossessed homes:
Bank Repo purchasing:
1. Make sure you can handle the stress involved in the purchase!
2. Definitely have funds available at time of offer.
3. Know the market, don't rush into anything you are not absolutely sure about.
4. Purchasing in winter makes inspection of property much more difficult.
5. What you see is what you are buying, our experience the bank holding the home would
not fluctuate on price for anything that is wrong, hope that the bank holding is a local.
6. Remember property is usually purchased "as is" and the discloser's are usually very vague
or non existent.
7. Try to keep the purchase to the least amount of people involved.
Karen & Dan 2010
So you think you’re ready to purchase a bank owned, repossessed home?
- Make sure you’re aware, really aware, that the process will be more time consuming, stressful and painful than purchasing a home from current homeowners. After all, you’re most likely getting a deal and you will have to work a little harder for it.
- Inspect the house from top to bottom yourself in addition to getting a formal inspection. These houses are purchased “as-is” and they mean it. Learn how long the home has been empty and familiarize yourself with the issues that can come from a home that has sat.
- Searching for your dream home in the winter? Don’t forget your gloves and hat … there isn’t any heat on in these homes!
- Be prepared to be frustrated even after closing and moving into the home. You will continue to find little “issues” that can’t be learned unless living in the home.
- Don’t underestimate the amount of work it takes to change the home – by no means did we think our house was a “fix-er-upper,” but we have put extensive time into making changes and fixes.
- Have a realistic expectation of the cost involved in fixing up a bank owned home – then add 20% to that cost.
- Have a really great realtor that’s been through the process before and can help guide you along (TOM!).
- Keep a good attitude – it’ll help when you learn that right before an inspection the utilities have been shut off.
Amy 2010
