Thursday, December 9, 2010

Buying a foreclosure is hard

Sometimes buying a bank owned REO foreclosure home is well… hard.  Sometimes it’s very hard.

It’s not that the homes are sketchy (sometimes they are).  It’s not that the homes come without any disclosures of condition (they do). It’s not that the seller won’t guarantee anything during or after the sale (they don’t). It's not even that there are always multiple offers (although under $150,000 in Metro Phoenix in Winter 2010 there are often *are* multiple offers).

Often, the problem is that you can't contact the darn agent who works for the bank. They’re either overwhelmed with too many REO homes from the bank, or they’re … otherwise… missing in action.

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