Are there any special details when buying a foreclosure property from a real estate agent?

Question

Are there any special details when buying a foreclosure property from a real estate agent?

Answer 1

First, agents don't own foreclosed homes, the bank does.  

Do you mean will the agent cut you a deal if you by a foreclosure?  

Why.  A foreclosure sale is MUCH more involved then a regular sale.  If anything, the agent should be earning more.

Answer 2

There is a BIG risk in buying a foreclosure property.  The seller does not have to disclose any problems.  

Move on and save yourself a lot of pain.

Answer 3

The biggest thing to concern yourself with is that a foreclosure does not require a transfer disclosure statement (TDS). A TDS is required for all non-foreclosure real estate transactions and it is a detailed description of the condition of the property - including all known defects - that the seller must fill out the the best of his knowledge. If an undisclosed problem comes up after close of escrow (structural problems, hidden damage, even the knowledge that your neighbor is going to add a second story and take away your view), the buyer can then sue the seller and his agent for non-disclosure.

With a foreclosure, you do not have any recourse for a non-disclosed issue. So, it is up to the buyer to be diligent and have inspections performed on the property to ensure that it won't end up becoming a money pit.

Answer 4

You need a very through inspection of the house, since at this point the bank owns the property they would have no personal knowledge of any material defects with the property unlike a normal sale where the home owner would have to disclosed all known defects