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Understanding the Buying Process-Foreclosures

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The first response I have to the prospective buyer after he proclaims, “I want one of those foreclosure steals”, is to forewarn that the transaction is likely to have many obstacles including repairs gone unseen even by the trained eye.  That an “As-Is” contract provides for only a small period of time to reveal property defects and customarily doesn’t allow any warranties.  
While the price agreed upon may be downright newsworthy, rarely is the occasion I see the buyer interpret say, for example, the time value of money.   The time that the (often) abandoned, uncared for property has endured and what the replacement of time and money will the property ultimately require.
I think it foolish to purchase any property without inspecting and always advise a thorough investigation.  Further experience has taught me that buyers should remember, in distressed sales in particular, to assign a value to the time and aggravation associated with readying the property to be occupied.


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