Property Condition
Bank owned properties are sold in “as-is” condition and often times bank owned properties are in disrepair. If it makes financial sense, some banks will make repairs prior to listing a property. Unlike most regular sales where the seller has intimate knowledge of the property, the bank has never lived in the home and has no past knowledge of major systems such as the roof, foundation, plumbing, wiring etc. Since a bank has obviously not lived in the home and does not have prior knowledge of the property, they are not required to provide buyers with any sort of property condition disclosure statement. Typically when banks sell a property they will not allow the buyer to negotiate on repairs; instead, banks will normally allow a…