Real Property: Purchasing A Residence With A History Of A Serious Health Conditi

Banks don't want to be in the real estate business. They are likely to accept much less than the market value to get the home off of their books.

You can find a foreclosed home by contacting banks in your area. You can also search on the internet . For example:

• At www.Redfin.com you can find bank owned properties (often called Real Estate Owned properties) in many major cities.
• At www.Foreclosures.com and www.RealtyTrac.com you can locate foreclosures nationwide for a fee.

Experts advise that you use a broker to help you purchase a foreclosed home from a bank. Banks prefer to deal with a pro. You can attempt to purchase a home at auction, but you have to be clear about the maximum you will bid before going in.

As a general rule, the longer the house has been on the market, the lower the price.

Keep in mind that homes owned by a bank usually require a lot of maintenance. People who are facing foreclosure tend to stop maintaining their home - and may even take fixtures or appliances. All the more reason to get a house inspected before purchasing.

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