Chris Love
John L Scott Real Estate
4111 SE Woodstock Blvd
Portland, Oregon
503-775-4699
503-788-7103
503-957-6087

www.johnlscott.com/christopherjl
www.MyPortlandAgent.com
"Buying a bank owned or foreclosed home is much
like buying a normal listing. There are however, a few
differences.

1. When buying a foreclosure the banks will want to use their
own paperwork.
When banks sell their foreclosed homes they will usually want the
sales agreement to be drafted on their own forms designed
specifically for selling their foreclosed properties. Sometimes this
entails the whole agreement, and sometimes they will send an
addendum to the standard forms

2. It will take longer to get a response

While an individual seller can sometimes respond to offers within
minutes. It takes longer when buying foreclosures. The banks own
many homes and it can take a few days to hear back from offers
and additional paperwork. This can get tricky when other offers
come in while waiting for a response from the bank.

3. Foreclosures aren't always in top shape

Foreclosed homes for purchase come in all types and sizes, but
one rule of thumb is that there is no guarantee regarding the
condition of the property. I have seen foreclosures for sale that are
in perfect shape, and some that are in complete disrepair. When
buying a foreclosure, extreme care is necessary to determine the
condition of the property.

4. Don't count on the bank doing repairs

When buying a foreclosure the banks are not always as likely to
agree to doing any repairs. Usually cosmetic repairs are denied,
but structural and safety issues are sometimes done depending
on the bank selling the foreclosure and the situation. If you are in
the market to buy a foreclosure, it is a good idea to at least be
prepared to do some repairs on your own.