Just this week, I had a sale fall apart due to buyers with unrealistic expectations about the home they were purchasing. When you are buying a foreclosure, your standards about the condition need to be more relaxed than on a traditional sale. Bank owned properties come with deferred maintenance issues… period. Even move-in ready, seemingly perfect houses can have troubles. Many of these homes have been vacant for months, or had former owners that didn't have the money to maintain them.
Please remember when buying a foreclosure… it is highly likely that the home inspector will find a few common issues associated with deferred maintenance and/or abandonment. You need to be prepared to deal with those matters BEFORE you make an offer, just in case the bank will not fix anything. 11 out of 12 of the financial institutions I work for have taken into account what needs to be done and the home has been priced to reflect those issues. Adjust your expectations accordingly when looking at bank owned homes… or you may find yourself continually disappointed. 
Julie Baldino is a Portland, Oregon and Vancouver, Washington broker with over 14 years experience in the real estate and construction industry. Specialties include short sales, foreclosure/REO sales
condominiums, residential home sales, lots/land, multi-family, and investments properties in Vancouver, WA and surrounding areas. If you need help buying or selling a home in the Pacific Northwest, I can be reached by phone, email, or text message. You can also instant message me from my website.
condominiums, residential home sales, lots/land, multi-family, and investments properties in Vancouver, WA and surrounding areas. If you need help buying or selling a home in the Pacific Northwest, I can be reached by phone, email, or text message. You can also instant message me from my website.
Serving Multnomah, Clackamas, Clark, Skamania, and Cowlitz Counties in the following areas:
Vancouver, Ridgefield, Battle Ground, Brush Prairie, Hockinson, Woodland, Amboy, Yacolt, Camas, Washougal, La Center, Kalama, Kelso, Longview, Portland, Lake Oswego, Oregon City, Beaverton, Tigard, Clackamas, West Linn
