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Old 07-06-2016, 02:33 PM   #37
Travis Munroe
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If you have gone to see it a few times I would assume that whichever realtor you have been with can verify most of this however I have no issues adding my 0.02 (can be a fine line having another realtor "educate" you when you already have one)

The bank has no idea if the appliances were picked up on a financing loan at the bay 6 months ago with a balance owed. They do not want anything to do with someone showing up at the door collecting appliances which have not been paid for nor do they want to guarantee they are working, etc.

I am in the middle of a deal right now on a foreclosure and explained to my client that I have never seen appliances taken but it is always a possibility. I have a bit of a work around but this is kept to myself until someone has officially bought. Long story short, do not worry about the bank taking them and selling them as it is not what they are after but do be aware that you are not purchasing the appliances...they are just being left behind.

An experienced realtor will also know how to deal with the winterized situation to ensure you get the best possible inspection performed. Of course this is again a very grey area and is case by case property specific.

There is a long list of differences in a foreclosure and non foreclosure purchase. Some of the key ones are no RPR (or condo docs in a condo situation) provided, no warranty (as the bank has no idea of any defects), only purchasing the titles property with no guarantee of chattels being left behind, extreme due diligence performed (was it a grow op?), etc.

As for the purchase price, each bank is different in how they conduct their reductions. It is a fine line between going for the home run deal but waiting 5 days for a reply and having someone else step in in the mean time or offering fair value minus foreclosure consideration and motivation. Being a preferred realtor of one of the major banks, I have sold foreclosures and understand what is realistic vs what is not. What may be offered and rejected today without consideration may be accepted in a months time.

I hope this helps a bit

Quote:
Originally Posted by me_dennis View Post
I've got a few questions as I am really new to foreclosure sales.

The listing that I am looking at has been listed for over 60 days, and the list price has gone from $420k down to $346k, with multiple reduced prices in between.

We went to take a look, and it looks to be in pretty good shape. Appliances were still in the property, but I've read that appliances may not be included in the sale, or if they are stolen before closing date, then they are gone. Could you please provide some clarification on this?

I've also read that it's recommended to do an inspection before putting down an offer, but since the home is winterized, any leaks may not be detected since we cannot turn on the water until the purchase closes. Clarification on this please?

Are there any other things that I should be cautious of?

Please feel free to PM me.

Thanks in advance!
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