Buying a bank owned home?

Many of the homes on today's market are owned by a bank, it is rumored that banks own more homes today than ever before and they are poised to put most of them onto the market for sale.
The condition of these homes in sometimes move in condition, but not usually. Many banks are overwhelmed with the amount of expense just to own the homes and many have not chosen to do even the minimal improvements such as new carpet and fresh paint.
Once a home is going through foreclosure it generally becomes vacant for many months or over a year before it is going to be sold again. Vacant homes usually need a fresh coat of paint and some new carpet in order to be presentable to new prospective buyers. However, many of these foreclosed homes have even more serious problems that that. Some of them have had a lack of maintenance for years before the foreclosure, other issues may become evident in home inspections during the sale.
The home inspection is ordered by a potential buyer of any home in order to inform a buyer of the condition of the home during escrow. If the home needs some improvements in order to meet the minimum standards of an fha loan and the buyer is going to occupy the house after the sale, an FHA 203(k) rehab mortgage may be a way for a buyer to go ahead and make their purchase and get funding for necessary improvements after the sale closes, if they really love the location and other aspects of a home because this mortgage is designed to update existing homes, stablize neighborhooods.
To read more about this government insured mortgage program, please visit this HUD link.
Barbara Adams, Realtor, SRES, SFR Visit any of my real estate websites at VacaHomes.com VacaDixonHomes.com 707.673.7500